The Indian rupee was flat on Tuesday as a rise in the stock market to fresh 16-month highs was offset by oil companies buying dollars to pay for their imports.
At 11:07 a.m. (0537 GMT), the partially convertible rupee INR=IN was at 48.17/18, not far from Friday's close of 48.13/48.14. The market was closed on Monday for a holiday.
The rupee touched a low of 48.22 in early deals
"There was a sharp rise in the dollar in early deals due to some oil companies buying, but selling by some foreign banks limited the dollar's rise," said Naveen Raghuvanshi, an associate vice president with Development Credit Bank who expects the rupee to trade a 48.10-48.25 range during the day.
Indian shares were up 0.8 percent in morning trade, extending last week's 16-month highs on hopes of strong quarterly earnings.
Traders expect there could be some dollar buying this week as unsuccessful applications for the Oil India initial public offering are refunded. The company raised $570 million in the offer, which was covered nearly 31 times http://marketmantra.in/Currency.asp
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