Rupee weaker at 61.97 on oil firms' dollar demand

The rupee is trading weaker at 61.97/98 versus its close of 61.79/80 on Tuesday, with dollar demand from oil firms hurting.

Traders expect exporters to step up dollar selling around 62-62.05 levels, limiting very sharp gains from current levels.

The Thai baht hit a near four-year low on Thursday, pressured by political uncertainty, while most emerging Asian currencies eased in holiday-thinned trading on expectations that a solid U.S. economic recovery would allow the Federal Reserve to gradually withdraw its stimulus. The Sensex trading up 0.2 percent while the broader Nifty is up 0.24 percent.

Copyright: Thomson Reuters 2013