Market News
Rupee struggles after opening uptick on dollar buying by state-run banks - REUTERS
By Nimesh Vora
MUMBAI, Feb 24 (Reuters) - The Indian rupee was unable to sustain an uptick at the open on Monday, pressured by dollar buying by state-run banks, likely on behalf of oil companies.
The rupee was quoted at 86.6900 to the U.S. dollar at 12:48 pm IST, barely changed from its close on Friday.
The Indian currency opened higher at 86.56 and had hit 86.51 on the interbank order system.
State-run banks bought dollars aggressively after the open and "have largely been there all through", an FX and rates head at a bank said, adding that it is likely for their oil clients.
