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Rupee trims gains as oil firms buy dollars

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Rupee trims gains as oil firms buy dollars

The rupee trimmed gains to trade at 54.41/42 against dollar, off the day’s high of 54.29 in afternoon trade on Wednesday on dollar buying by oil firms. The currency had closed at 54.68/69 level on Tuesday.

Traders said gains in the domestic share market amid broad global optimism over the U.S. fiscal cliff deal are hurting the dollar.

The 30-share BSE Sensex is up 0.9 per cent.

Dealers said oil companies, the biggest buyers of dollars in the domestic currency market, were spotted buying the dollar, trimming losses in the pair.

Copyright @ Thomson Reuters 2012

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