Rupee edges up on foreign flows

The pair is also tracking losses in the dollar versus other Asian currencies

The rupee is trading at 60.08, higher than its previous close of 60.17/18 on foreign inflows and absence of any Reserve Bank intervention so far, dealers say.

 

Overseas investors bought Indian shares worth $214.42 million on Monday, their biggest single-day buying since June 12, provisional exchange data shows.

 

Also, the USD/INR pair is tracking losses in the dollar versus other Asian currencies.

 

The dollar wallowed close to seven-week lows against a basket of major currencies on Tuesday, with the greenback pressured by doubts about the strength of the US economic recovery.

 

However, the rupee is expected to continue to remain in a tight range ahead of the budget on July 10 with the geo-political situation in Iraq and central bank intervention at 60 level being closely monitored.

 

The rupee is seen holding in a 60 to 60.40 range during the session.