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Indian rupee/US dollar continues to trade slightly lower on weak local shares

Apr 16 2014, 16:33 IST
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The pair is seen holding in a 60.20 to 60.40 range in the rest of the session The pair is seen holding in a 60.20 to 60.40 range in the rest of the session
SummaryUS dollar/ Indian rupee trading at 60.28/29 versus its close of 60.23/24 on Tuesday

US dollar/ Indian rupee trading at 60.28/29 versus its close of 60.23/24 on Tuesday as weakness in the domestic stock markets aids sentiment for the dollar.

Exporters, however, seen selling on upticks preventing a very sharp rise in the pair. The pair is seen holding in a 60.20 to 60.40 range in the rest of the session.

Traders are also cautious after data showed overseas investors sold Indian shares worth of 216.3 million rupees ($3.59 million) on Tuesday -- the second straight session of outflows.

Local shares trading down 0.6 percent as continued selling by offshore investors and higher-than-expected inflation data increases caution in the midst of the five-week long election process.

The better-than-expected Chinese first-quarter growth data, however, helping Asian units as it eases concerns of a sharp slowdown in the world's second-largest economy.

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