Indian rupee in narrow band tracking shares, Iraq weighs

Written by Reuters | Mumbai | Updated: Jun 26 2014, 18:59pm hrs
Indian rupeeIndian rupee trading at 60.15/16 against US dollar. (Reuters)
The rupee moved in a narrow band, tracking equities amid month-end importer dollar demand. The pair trading at 60.1575/60.1600 from Wednesday's close of 60.1250/1350.

Traders expect the rupee to move in the narrow 60.00-60.50 range to the dollar until clarity emerges on Iraq turmoil.

Brent crude dropped under $114 a barrel on Thursday as most of Iraq's oil output remained unaffected by the militant insurgency in the country, although worries over the conflict kept a floor under prices.

The BSE Sensex is down 0.61 percent dragged by oil and gas stocks after the government deferred a decision on Wednesday to raise prices of locally produced gas for the next three months.

Most Asian currencies were weaker against the dollar.