Rupee falls on month-end dollar demand
Is likely to trade sideways in the 61.70-62.20 band
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<a href="http://www.shutterstock.com/pic-49498450/stock-photo-background-created-with-indian-rupee-notes.html" target="_blank">Gold</a> image via Shutterstock
The rupee fell in morning trade and was trading at 61.98/99 versus Tuesday's close of 61.9350/9450.
A large state-run bank is on the bid side, say dealers, likely to meet month-end importer requirements.
The USD/INR pair is likely to trade sideways in the 61.70-62.20 band.
The yen was broadly firmer early on Wednesday, following a generally lacklustre session that saw investors give the dollar a wide berth on the back of a decline in US Treasury yields.
Local stocks trading with minor gains, up 0.3%.
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First Published: Feb 26 2014 | 9:45 AM IST