Indian rupee caught between US dollar inflows and month-end import demand

May 30 2014, 13:57 IST
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SummaryIndian rupee trading little changed at 59.01/02 against the US dollar versus ...

Indian rupee trading little changed at 59.01/02 against the US dollar versus its previous close of 59.03/04 as good dollar selling from the share sale of Yes Bank gets offset by heavy demand from importers to meet month-end import commitments.

Importers, particularly oil firms, have been buying dollars heavily to meet their import commitments, dealers say. * India's Yes Bank Ltd raised $500 million in a share sale to institutional investors, two bankers involved in the deal said, the first of a raft of equity deals expected after a landslide election victory for new Prime Minister Narendra Modi.

Traders are also awaiting the Jan-March GDP data due to be released post market hours, around 1200 GMT. * The pair is seen holding in a 58.80 to 59.20 range during the session.

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