RTRS:Rupee turns lower as custodial banks buy dollars
Reuters Market Eye - The rupee was lower as custodial banks bought the dollar. The rupee is at 62.36/40 after rising to 62.42, versus Thursday's close of 62.07/08.
The USD/INR pair spikes in late trade on short-covering ahead of the weekend and buying by foreign banks on behalf of custodial clients.
Large state-run bank has been buying possibly for oil from around 61.80 levels.
Local stocks extend weakness, down 0.5 percent.
The pair turns positive for week, after three weekly losses, up 0.1 percent.
June quarter current account deficit numbers due on Monday, with economists expecting the gap to be higher than the March quarter's $18.1 billion, given the sharp rise in trade deficit and lower remittances during the period.
