Indian rupee steadies

The Indian rupee crept up on Thursday as a hike in the central bank's key lending rate boosted sentiment for the local unit, but gains were capped by a rise in global oil prices and a wobbly stock market. The partially convertible rupee ended at 42.8350/8450 per dollar, 0.05 percent stronger than Wednesday's close of 42.86/87. It had hit a 13-month low of 43.21 on May 22.
"The rupee was stuck between oil being on the high side and the rate hike. But the stock market shrugged off the rate hike and ended in positive territory, so the rupee also should hold steady for a while," a dealer with a private bank said.