Rupee near day's high; engineering firm outflows

Reuters Market Eye - The rupee is close to day's high at 59.58/59, off 59.79 day's lows. It closed at 59.34/35 on Wednesday.

Dealer says future arbitrage is there in July and August maturity.

Some state-run banks have been sellers, which has sparked some rumours of intervention, though there is no big buzz.

Outflows to tune of $200 million from a mid-sized engineering firm spotted, dealers say.

India GDP to grow 5.6 percent in 2013/14, says Reuters poll, with a slow recovery in economy as the central bank will refrain from cutting rates to keep a battered rupee from falling more.

(Reporting by Subhadip Sircar)