Rupee trading below 58.50, nears record low

Reuters Market Eye - The rupee remains near its record low as heavy dollar demand in local markets continues to hurt the Indian unit. The pair is at 58.60/62 versus 57.87/88 last close.

Dealers say buying by oil refiners, likely defence-related purchase by a large state-run bank as well demand from a large corporate, have pushed the pair to near its record high of 58.98.

Euro also gives up gains post-German data to trade nearly flat.

Local stocks down 0.5 percent.

(Reporting by Subhadip Sircar)