Rupee now lower; defence buying coming in

Reuters
A man exchanging damaged currency counts 100 rupee notes along a roadside in Kolkata August 30, 2013. REUTERS/Rupak De Chowdhuri/Files
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A man exchanging damaged currency counts 100 rupee notes along a roadside in Kolkata August 30, 2013. REUTERS/Rupak De Chowdhuri/Files

Reuters Market Eye - The rupee falls and is trading at 63.75/76 versus last close of 63.38/39, snapping five days of gains. Earlier in the session, the rupee rose to 62.92, its highest since August 19.

A large state-run bank has been a big USD buyer largely on behalf of defence.

Dealers also cite early buying by a large private petrochemical company.

Local stocks are down 0.8 percent on profit taking.

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