Rupee off lows as foreign banks sell dollars

Reuters Market Eye - The rupee is trading at 59.72/73 versus its Tuesday close of 59.78/79 and off the session low of 59.9350, as heavy dollar selling by foreign banks boosts but further falls likely to be averted ahead of the budget on Thursday.

India's economy is expected to grow by between 5.4 percent and 5.9 percent in the current fiscal year, the new government's first economic survey said on Wednesday.

Most Asian currencies also trading stronger versus the dollar.

Traders will monitor the domestic sharemarket for clues on the direction of foreign fund flows. The Nifty is down 0.5 percent currently.

USD/INR is seen moving in a 59.60 to 60.00 range during the session with strong support seen for the pair at 59.65 levels, dealers say.

(Reporting by Swati Bhat)