Rupee lower; large state-run banks buying dollars

Mumbai: The rupee falls to 60.27/28 from its Wednesday close of 60.14/15, as state-run banks are spotted buying dollars, which according to the traders, is likely for defence and oil-related payments.

Gains in USD/INR come despite positive stocks, with the sensex up by 0.2 per cent. The gap between the spot USD/INR and one-month NDF has widened to around 0.45 rupee on Thursday, much higher than the usual 0.20-.025 rupee spread, suggesting offshore players expect the dollar to gain against the rupee in the near-term.