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The rupee edged higher against the dollar on Thursday, with the market largely ignoring an overnight rally in the US currency and focusing instead on strong foreign buying in the local equity market.
Dealers were watchful of the central bank, which was suspected of intervening, via state banks, in the currency market on Wednesday to limit volatility in the rupee. Some traders said any dollar buying by state banks this session could be on behalf of oil importers or the central bank.
At 9:49 am (0419 GMT), the rupee fetched 44.33/34 per dollar, 0.11 percent firmer than Wednesday's close but off a two-week peak hit that session at 44.25.
"Demand for rupees is good," said one trader at an Indian bank in Mumbai. "Yesterday, there was good supply and typically that was foreign investor inflows into the stock market. This is pushing the rupee to appreciate."
Foreign investor inflows of more than $10 billion were a significant support to the rupee in 2005.
The dollar was trading at about 116.20 yen, compared with around 116.10 in late New York trade.
Upbeat US manufacturing data has reinforced expectations for further US interest rate increases by mid-year, helping the dollar recover from this week's one-month lows against the yen.

Copyright Reuters, 2006

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