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The Indian rupee halted a 2-day rise to end lower on Tuesday on surprise dollar demand from oil companies in a market short of the US currency.
Traders said the unexpected demand prompted traders to cover dollar short positions, with the undertone cautious on account of thin capital inflows, near-record global oil prices and a broadly upbeat trend in the US dollar overseas.
The rupee closed at 46.3850/4050 per dollar, pulling back from an intra-day peak of 46.2800 and falling 0.11 percent from Monday's close of 46.3350/3450.
It had gained 0.25 percent in the preceding two sessions from a 13-month closing low last Thursday as importer demand, which peaks at the month-end, eased.
"Sentiment had improved recently with importer demand easing, but today's oil buying was unexpected and shook the market, which is vulnerable with dollar supplies thin," said a trader at a state-run bank.
Premiums on the forward dollar also firmed after falling earlier in the day. The annualised premium on the 6-month dollar closed at 2.41 percent, off a morning low of 2.20 percent and Monday's close of 2.35 percent.

Copyright Reuters, 2004

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