Rupee falls on oil demand hit over 2-week low

RUPEE-INDIA-DOLLAR:Rupee falls on oil demand hit over 2-week low

 

Reuters Market Eye - Rupee trading at 55.97/99 from 55.9050/9150 close on Monday on the back of dollar demand from oil firms and other importers, though it is off a session low of 56.0850, its lowest in more than two weeks.

Traders expect the USD/INR to stay well bid on continued demand from oil firms, with trading also seen volatile as overall volumes remain low.

The BSE Sensex is up 0.9 percent.

Traders on the lookout for RBI intervention if USD/INR rises much above the 56 mark, which is not far the record high of 56.52 hit on May 31.