Rupee falls; oil companies? dollar demand eyed

Mumbai: The rupee falls to 55.39/40 vs its previous close of 55.26/27, after four sessions of gains, tracking a weaker global risk sentiment that hit Asian shares.

Trading seen range-bound for session: month-end oil demand may push pair higher, especially after a two-day banking strike hit volumes, but steady euro at near seven-week highs versus the dollar on Friday may cap gains.

Government?s move to push FDI proposals may offer some sentimental support to rupee with 10 proposals of drug makers up for consideration.

MSCI?s Asia ex-Japan down 1%, while India?s main stock indexes down around 0.5% on scaled back expectations of more stimulus from the Fed and concerns about global growth.

Source: http://www.livemint.com/2012/08/24092522/Rupee-falls-oil-companies82.html

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