Indian rupee vs US dollar edges higher on oil demand; Indian stocks gains limit upside

Written by Reuters | Updated: Apr 17 2014, 19:22pm hrs
Indian rupee vs US dollar trading at 60.45/46 versus its previous close of 60.37/38, retreating sharply from the day's low of 60.26 on the back of heavy buying of the greenback by state-run oil companies.

Traders, however, expect the pair to see strong resistance at around 60.50 levels, limiting much further upside.

Gains in the domestic sharemarket and other Asian currencies are also expected to limit the upside in the pair.

Local shares trading up 0.8 percent after three straight session of losses as IT companies recover after Tata Consultancy Services Ltd earnings.

Most emerging Asian currencies edged up on Thursday as the dollar eased broadly after US Federal Reserve Chair Janet Yellen's dovish comments on monetary policy, while trading was subdued ahead of a holiday in some markets.