India rupee ends higher but oil companies' dollar buys cap gains

MUMBAI, Nov 6 - The Indian rupee closed stronger on Monday but underperformed its Asian peers as U.S. dollar demand from local oil companies and importers capped gains.A weaker dollar and a fall in U.S. Treasury yields sparked a rally among Asian currencies, with the Malaysian ringgit, up by nearly 2%, leading gains.

Local oil companies bought dollars, while state-run banks were seen on offer, a foreign exchange trader at a private bank said. The odds of a Fed rate hike at the December meeting are now at 7%, down from 20% a week earlier, according to FEDWATCH. "We are inclined to think it is still too early to see another large drop in the dollar because the US activity story simply hasn’t deteriorated enough," ING Bank stated in a note.

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