Rupee falls as oil companies buy dollars

The rupee reversed its earlier gains and fell to 55.42/43 versus its previous close of 55.33/34.

The fall was seen on the back of dollar demand from oil firms in the last days of the month, traders say. The rupee may tread towards 55.50 during the session, traders say.

Oil demand from oil firms generally peaks at the end of each month when importers make payments.

"There is heavy demand from oil firms today after the weekend, it being the end of the month. There is also lots of buying seen from state-run banks," a senior dealer with a private bank said.

Source: http://economictimes.feedsportal.com/fy/8av2Fvy0cQPpW2qc/story01.htm

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