Rupee flat ahead of GDP data

Is caught between dollar inflows and month-end import demand

The rupee is trading little changed at 59.01/02 versus its previous close of 59.03/04 as good dollar selling from the share sale of Yes Bank was offset by heavy demand from importers to meet month-end import commitments.

 

Importers, particularly oil firms, have been buying dollars heavily to meet their import commitments, dealers say.

 

Yes Bank Ltd raised $500 million in a share sale to institutional investors, two bankers involved in the deal said, the first of a raft of equity deals expected after a landslide election victory for new Prime Minister Narendra Modi.

 

Traders are also awaiting the Jan-March GDP data due to be released post market hours, around 5:30 pm.

 

The rupee is seen holding in a 58.80 to 59.20 range during the session.