Indian rupee off highs as foreign banks sell dlrs

Written by PTI | Mumbai | Updated: Jul 9 2014, 18:33pm hrs
Indian rupeeIndia's economy is expected to grow by between 5.4 percent and 5.9 percent in the current fiscal year, says new government's economic survey. (Reuters)
Indian rupee seen trading at 59.72/73 against US dollar versus its Tuesday close of 59.78/79 and off the session high of 59.9350, as heavy dollar selling by foreign banks hurts but further falls likely to be averted ahead of the budget on Thursday.

India's economy is expected to grow by between 5.4 percent and 5.9 percent in the current fiscal year, the new government's first economic survey said on Wednesday.

Most Asian currencies also trading stronger versus the dollar. See for a snapshot.

Traders will monitor the domestic sharemarket for clues on the direction of foreign fund flows. The main share index down 0.5 percent currently.

Indian rupee is seen moving in a 59.60 to 60.00 range against US dollar during the session with strong support seen for the pair at 59.65 levels, dealers say.