| Date: |
03-12-2012 |
| Subject: |
Rupee slips as oil companies step up dollar purchases |
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Mumbai: The Indian rupee slipped to 54.36/37 versus its previous close of 54.26/27 as oil firms buy the dollar. Oil companies are the largest buyers of the greenback in the domestic currency market.
Some traders also cite possible arbitrage gap between the offshore non-deliverable forwards market and the onshore forwards in opening trade, leading to a rise in the onshore rates, but the view was not universal.
Domestic were shares trading largely flat in opening trade.
The euro rose to six-week highs against the dollar after upbeat Chinese manufacturing data helped trigger stop-loss buying of the common currency.
Source : livemint.com
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