Rupee falls on importer demand

Reuters Market Eye - The rupee falls to 58.79/81 versus its close of 58.63/64 on Tuesday, as importers, especially oil companies, step in to buy dollars.

Traders expect some consolidation in the rupee, with rupee expected to hover above the 11-month high of 58.32 per dollar hit on Monday.

Still, continued foreign inflows into local equities and debt could cap broader advances in the USD/INR, traders say.

The rupee is seen moving in a 58.50 to 58.80 range during the session.

(Reporting by Neha Dasgupta)