US dollar, Indian rupee recovers all losses as state-run banks buy dollars
Written by Reuters
| Updated: Jul 3 2014, 20:14pm hrs
Most Asian currencies are weaker compared to the dollar.
USD/INR retreats from near three-week lows of 59.52 to trade at 59.74/75 and stronger compared to its previous close of 59.6875/6975 as good dollar buying by state-run banks aids. Foreign banks continue to sell dollars on behalf of overseas investors, limiting further gains in the pair. Foreign institutional investors bought shares worth $216.13 million on Wednesday, provisional exchange data shows. Traders say good demand from importers seen but state-run banks could also be buying the greenback on behalf of the central bank to prevent further fall in the pair. The domestic share market trading up 0.1 percent. Most Asian currencies are weaker compared to the dollar.