Indian rupee edges down against US dollar, but off 11-month lows

Written by Reuters | Mumbai | Updated: May 20 2014, 16:36pm hrs
Indian rupee marginally lower 58.53/54 versus its previous close of 58.59/60 to the US dollar, in a consolidation mode after the steep falls seen in recent sessions.

Indian rupee hit an 11-month low of 58.32 per US dollar on Monday, on the back of strong foreign buying into shares.

Overseas investors bought Indian shares worth 13.50 billion rupees ($230.83 million) on Monday, provisional exchange data showed. Foreign inflows have surged to $2.2 billion in May so far already, much above the $1.6 billion seen last month.

Since Sept. 13, when Narendra Modi was announced as the prime ministerial candidate for the Bharatiya Janata Party, foreign inflows have soared to nearly $14.3 billion, exchange data shows.

The pair is seen moving in a 58.40 to 58.80 range during the session.

($1 = 58.4850 Indian Rupees)