Rupee lower; month-end dollar demand weighs

Tags: Rupee, News
The rupee is trading lower at 62.06/07 per dollar versus close of 61.98/99 on

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Wednesday.

Month-end dollar demand from importers is likely to keep the USD/INR pair bid.

"Euro and other majors are lower compared to our Wednesday close," says senior dealer.

On watch: India will release the fiscal deficit figures for April-January period at 4 p.m. and GDP data for Oct-Dec quarter at 5.30 p.m.

The dollar held steady against the yen and the euro on Friday, after a surge in U.S. equities confirmed investor appetite for risk and helped the currency recoup some of the losses suffered earlier on geopolitical concerns.

Asian stocks managed to shrug off early losses on Friday and push higher, inspired by gains on Wall Street after U.S. Federal Reserve Chair Janet Yellen's comments underscored her confidence in the U.S. economy.

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