December 3, 2012 9:57 AM IST

Rupee Down as Oil Companies Buy Dollars

The rupee edges down to 54.36/37 versus its previous close of 54.26/27 as oil firms buy the greenback. Oil companies are the largest buyers of dollars in the domestic currency market.

Rupee down as oil companies buy dollars

Some traders also cite possible arbitrage gap between the offshore non-deliverable forwards market and the onshore forwards in opening trade, leading to a rise in the onshore rates, but the view was not universal.

Domestic shares trading largely flat in opening trade.

Euro rises to six-week highs against the dollar after upbeat Chinese manufacturing data helps trigger stop-loss buying of the common currency.