Rupee slips on dollar demand

The partially convertible India rupee slipped by 17 paise per dollar on the Interbank Foreign Exchange due to dollar demand from importers.

Dollar gained strength against major currencies on bullish economic data. Increased pressure from oil importers and weak trend seen in Indian equities weighed on the sentiment.

Inflation data which is due at 12.00 noon will be closely watched.

The Indian rupee opened at 54.36 per dollar versus 54.30 on Wednesday. At 11.10 am IST rupee was seen trading at 54.47 down by 17 paise.

Meanwhile, the BSE was seen trading lower at marginally higher by 29 points and the 50-share NSE was at down by 9 points.

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