Sunday, April 17, 2011

Rupee to slip tracking Asian peers; shares

The rupee is expected to weaken on Wednesday in line with other Asian peers, and weighed down by a drop in local equity futures in the offshore market.

* The yen held firm in early Asia trade, having gained broadly as profit taking on short positions took off on the back of renewed risk aversion, while investors also favoured the Swiss franc as a safe-haven currency.

* At 0350 GMT, the index of the dollar against six major currencies was up 0.1 percent at 74.924 points.

* The MSCI index of Asian stocks ex-Japan was down 0.2 percent, while the Nifty futures traded in Singapore were down more than 1 percent, suggesting a weak open to the local market.

* The partially convertible rupee ended at 44.385/395 per dollar on Monday, 0.72 percent weaker than Friday's close of 44.07/08 when it had hit 43.98, a level not seen since Oct. 15. The market was shut on Tuesday for a holiday.

* Traders said the rupee could start at around 44.50 and move in a 44.40-44.65 band.


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