Rupee down on oil demand; seen rangebound

May 9 –  The rupee edges down to 54.22/23 versus its Wednesday’s close of 54.16/17 on the back of dollar demand from oil companies.

The pair is seen holding in a range of 54.05 to 54.30 during the session.

Upside is likely to be capped as most Asian currencies trading positive versus the dollar. Domestic shares are flattish.

Risk sentiment broadly strong on the back of the Korean rate cut and encouraging global economic data.

Traders will now shift their focus to the consumer price index and industrial production data on Friday, which will be followed by wholesale inflation data on Monday, for near-term direction.
Reuters Market Eye –
(Reporting by Swati Bhat)