The rupee was off the day's high on continued month-end demand from oil refiners. The Indian currencywas trading at 57.14 versus 57.01/02 in its previous close.
A trader says some foreign banks have been on the sell side, capping losses. “Oilers are still asking around for quotes, so it is difficult to say whether the proposal to keep half of demand to a single state-run bank has been implemented,” a dealer said.
The rupee failed to maintain initial gains and slipped 7 paise earlier to 57.08 against the dollar on fresh demand for the American currency from banks and importers.
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