Rupee edges down on dollar inflows; share gains hurt

Reuters Market Eye - The rupee is trading higher at 61.91/92 versus its close of 62.07/08 on Monday,. Dollar inflows from an offshore bond sale seen while gains in other Asian units versus the dollar also hurt the USD/INR pair.

Indian Railway Finance Corp (IRFC) raised $500 million via offshore bonds, with the issue attracting a strong order book of over $3 billion, according to International Financing Review, a Thomson Reuters publication.

The pair is expected to hold in a 61.80 to 62.20 range during the session with importers expected to step in to buy dollars below the 62 mark, limiting a sharp downside.

 

Local shares end up 0.2 percent.

(Reporting Swati Bhat)