Rupee off highs on importer demand, weak shares

At 1:51pm, the partially convertible rupee was at ₹ 44.35/36 per dollar versus ₹ 44.43/44 at last close. The rupee had risen to ₹ 44.2575 earlier in the day.

The local unit is seen ranged between ₹ 44.30-44.50 in the rest of the trading session, traders said

Demand for the US unit was primarily from the domestic oil refiners for month-end payments, but some dollar-buying was also likely for defence related outflows, traders said.

But, dollar weakness after US Federal Reserve indicated on Wednesday it was not in a hurry to tighten monetary policy, would underpin the rupee.

The index of the dollar against six major currencies was down 0.64% at 73.055 points. It was at 73.711 when the local market closed on Wednesday.

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