Rupee continues to trade weaker at 60.32; oil demand hurts

The rupee is trading at 60.32/33 versus its Friday's close of 60.1750/1850, hurt by demand for the greenback from oil refiners.

 

Losses in other Asian units versus the dollar also hurt sentiment for the Indian unit. 

 

Most emerging Asian currencies dipped on Tuesday, burdened by a strong dollar after upbeat US retail sales data and ongoing tensions in Ukraine.

 

The rupee is seen holding in a 60.20 to 60.50 range during the rest of the session.

 

Traders say the higher-than-expected wholesale inflation data had little impact on the rupee and traders are awaiting the retail inflation data, a measure which the Reserve Bank of India now focusses on for direction.

 

Copyright: Thomson Reuters 2014