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The Indian rupee gave up early gains on Friday with oil companies buying dollars heavily as they braced for the first cut in output in more than two years, and banks covering short positions taken this week.
Opec agreed on Friday to trim output by 1.2 million barrels per day (bps), the biggest reduction since January 2002, cutting Opec output to 26.3 bpd from November 1. The rupee ended at 45.32/34 per dollar, after matching this week's five-month high at about 45.20 in early trade. It ended at 45.30/31 on Thursday.
Traders said foreign banks sold dollars in early trade on behalf of foreign investors. However, the rupee fell on relentless dollar demand from oil companies. Oil is India's largest import and US oil traded around $59 a barrel.
"We see dollar demand from oil firms continuing on Monday," a dealer with a private bank said. Currency markets will be shut next Tuesday and Wednesday for holidays.
Traders said they expected foreign investors to invest more funds in local equities. Foreign funds have invested more than $3 billion in Indian stocks since August, helping the currency recover from a three-year low of 47.04, hit in July.

Copyright Reuters, 2006

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