The Indian rupee inched higher on Monday, extending its gains into a third session as a stronger start in Asian shares prompted some dollar selling as traders positioned for foreign buying of local stocks.
At 10:30 a.m. (0500 GMT), the partially convertible rupee INR=IN was at 48.16/17 per dollar, 0.1 percent stronger than Friday's close of 48.22/23. The rupee gained 1.1 percent last week.
"Rupee opened stronger tracking regional cues, but stocks would be the key. We are likely to hold in a 48.10-48.25 range initially, which if broken could take the rupee to 48 and then 47.80," a senior dealer with a private bank said.
"Oil refiners are likely to come in at lower levels to meet month-end demand which will cap the gains," he added.
At 10:30 a.m. (0500 GMT), the partially convertible rupee INR=IN was at 48.16/17 per dollar, 0.1 percent stronger than Friday's close of 48.22/23. The rupee gained 1.1 percent last week.
"Rupee opened stronger tracking regional cues, but stocks would be the key. We are likely to hold in a 48.10-48.25 range initially, which if broken could take the rupee to 48 and then 47.80," a senior dealer with a private bank said.
"Oil refiners are likely to come in at lower levels to meet month-end demand which will cap the gains," he added.
Source url :http://in.reuters.com/article/inRupeRpt/idINBOM31388420090727