Rupee edges down, off 11-month highs

Mumbai: The rupee is trading at 58.64 per dollar versus its previous close of 58.59/60.The rupee had hit an 11-month high of 58.32 per dollar on Monday, on the back of strong foreign buying into shares.

Overseas investors bought Indian shares worth 13.50 billion rupees ($230.83 million) on Monday, provisional exchange data showed. Foreign inflows have surged to $2.2 billion in May so far already, much above the $1.6 billion seen last month.

Since Sept. 13, when Narendra Modi was announced as the prime ministerial candidate for the Bharatiya Janata Party, foreign inflows have soared to nearly $14.3 billion, exchange data shows.

The rupee is seen moving in a 58.40 to 58.80 range during the session.