Rupee inches up, but 'incessant' dollar bids remain a hindrance - trader

The Indian rupee was trading higher on Wednesday tracking Asian peers, but dollar buying by oil companies capped its advance, traders said.

The rupee was at 82.55 to the U.S. dollar by 10:30 a.m. IST, up from 82.6050 in the previous session.

Loan repayment by a large conglomerate and cash dollar demand related to oil and gold are among the reasons that are "floating around", he said. The odds of a rate hike at the June 13-14 meeting have dropped to nearly 20% following weak U.S. manufacturing and services data and relatively less hawkish comments by two Fed officials before the quiet period.

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