Indian rupee edges higher against US dollar on day as month-end demand aids

May 30 2014, 15:16 IST
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SummaryImporters have been buying US dollars heavily to meet their import commitments...

Indian rupee trading at 59.08/09 against the US dollar versus its previous close of 59.03/04 as month-end dollar demand from importers helps following ebbing flows from the share sale of Yes Bank which had hurt the pair earlier.

Importers, particularly oil firms, have been buying dollars heavily to meet their import commitments, dealers say.

India's Yes Bank Ltd raised $500 million in a share sale to institutional investors, two bankers involved in the deal said, the first of a raft of equity deals expected after a landslide election victory for new Prime Minister Narendra Modi.

Inflows from the share sale had pushed the pair as low as 58.9250 earlier in the session.

Traders are also awaiting the Jan-March GDP data due to be released after market hours, around 1200 GMT.

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