Rupee off 11-month highs on dollar demand from oil cos

Traders put rupee in 58.40-58.90 range for the rest of the session

The rupee fell 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 fall in local shares were also leading to the rupee's fall.

 

Traders will 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.