Rupee caught between dollar inflows and month-end import demand

Reuters Market Eye - The rupee is trading little changed at 59.01/02 versus its previous close of 59.03/04 as good dollar selling from the share sale of Yes Bank gets offset by heavy demand from importers to meet month-end import commitments.

Importers, particularly oil firms, have been buying dollars heavily to meet their import commitments, dealers say.

Yes Bank Ltd raised $500 million in a share sale to institutional investors, two bankers involved in the deal said, the first of a raft of equity deals expected after a landslide election victory for new Prime Minister Narendra Modi.

Traders are also awaiting the Jan-March GDP data due to be released post market hours, around 5:30 p.m.

 

The rupee is seen holding in a 58.80 to 59.20 range during the session.

(Reporting by Swati Bhat)