MUMBAI: The rupee pushed higher in afternoon trades on Monday rising by as much as 0.7 per cent in the day comforted by the surge in domestic equities and gains in the euro.
* But dollar demand from importers like oil refiners, the biggest purchasers of greenback in the domestic foreign exchange market was tempering the rupee's rise, traders said.
* At 2:35 p.m., the partially convertible rupee was at 51.875/880 per dollar, stronger from Friday's close of 52.23/24 and well above the record low of 52.73 touched last Tuesday.
* The euro rose on Monday after an Italian newspaper said the International Monetary Fund was preparing an aid package for Italy, but doubts about the feasibility of the reported plan helped limit its gains.
* Some traders said they would prefer taking long-dollar positions at current levels as domestic macro-economic factors like a rising oil import bill, trade deficit still pointed to a weak rupee and the outlook on euro zone was negative.
* Moody's Investors Service warned on Monday the rapid escalation of the euro zone sovereign and banking crisis threatens the credit standing of all European government bond ratings.
* India's benchmark share index was up 2.8 per cent.
