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Movement of rupee during May

May 31, 2014 15:22 IST

The rupee weakened on Friday after trading in a tight band for much of the session as month-end dollar demand from oil importers offset the large dollar inflows seen towards Yes Bank's share sale.

Yes Bank Ltd has raised $500 million in a share sale to institutional investors, two bankers involved in the deal said, the first of a raft of equity deals expected after a landslide election victory for new Prime Minister Narendra Modi.

Traders will now focus on the RBI's monetary policy review next week which will be key in helping get some clarity on the central bank's thoughts on the outlook for inflation and rates.

Text: Reuters

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