Forex Indian market tips for today 7 Sep 2011

The Indian rupee reversed gains to end lower for the third day on Wednesday after the euro slipped from its intra-day high against the dollar, and as demand for the greenback from oil importers offset positive local shares.

The partially convertible rupee was closed at 46.1650/1750 per dollar, 0.1 percent weaker than Tuesday's close of 46.1050/1150. It had traded in a range of 45.9750 to 46.1850 during the day.

"A weak euro triggered the dollar's strength against the rupee. The market was short (on dollar) and short covering took it (dollar) higher," said Vikas Chittiprolu, a senior forex dealer with Andhra Bank.