Indian rupee off lows against the US dollar to 61.75

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SummaryIndian rupee gains in face of caution over oil demand, and US Fed taper.

Indian rupee off lows, dealers cite state-run bank buying dollars likely on behalf of oil refiners and importers. Pair at 61.75/76 versus 62.05/06 last close after easing to 61.52 in session.

Some caution also setting in ahead of US non-farm payrolls data on Friday which will be key ahead of December FOMC meet.

Largest long position in Indian rupee since late January, poll shows.

Exit polls predict strong showing for leading opposition party in key state polls.

Inflows from Power Grid Corp of India share sale, which opened on Tuesday and closes on Friday, will be watched on the last day for institutional investors to put in bids on Thursday.

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