Indian currency snaps three-day fall

MUMBAI: The Indian rupee snapped a three-day losing streak on Wednesday as dollar inflows related to foreign funds and companies helped offset heavy month-end demand for the greenback from oil and other importers.
Traders also cited occasional dollar buying by the Reserve Bank of India, although the intervention was not believed to be as aggressive as in recent weeks.
The rupee closed at 58.93/94 per dollar compared to 59.04/05 on Tuesday.
Traders will continue to focus on the measures new Prime Minister Narendra Modi led government will take to bring down the fiscal deficit and fight inflation.
"There was good dollar selling seen today, likely some corporate flows as well. Foreign banks were mostly on the sell side while there were importers and state-run firms seen bidding," said A. AjithKumar, a foreign exchange dealer with Federal Bank.