Rupee weaker on likely dollar demand from oil companies

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Reuters
Last Updated : May 20 2014 | 12:27 PM IST

Reuters Market Eye - The rupee falls to 58.68/69 versus its previous close of 58.59/60, en route to snapping a four-session winning streak, as a large state-owned bank is said to be buying dollars to meet demand for oil companies.

Slight falls in local shares are also leading to the rupee's fall.

Traders to continue monitoring flows into local shares and debt, as these would be crucial for the rupee's direction.

Traders see a range of 58.40 to 58.90 for the rupee in the day.

(Reporting by Neha Dasguta)

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First Published: May 20 2014 | 12:22 PM IST

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