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Rupee hovers near 2-month low; Egypt unrest weighs

Rupee hovers near 2-month low; Egypt unrest weighs
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First Published: Mon, Jan 31 2011. 01 35 PM IST
Updated: Mon, Jan 31 2011. 01 35 PM IST
Mumbai: The rupee stayed near two-month lows on Monday afternoon as unrest in Egypt worried investors and dragged shares as well as regional currencies.
At 2:07pm, the partially convertible rupee was at Rs 45.9750/9800 per dollar, after falling to Rs 46.01 which is its lowest since 30 November. It had closed at Rs 45.7525/7625 per dollar on Friday.
The rupee is likely to track domestic shares and global markets amidst continuing negative sentiment, traders said.
Shares fell around 1% on Monday, tracking weak Asian markets as anti-government protests in Egypt led to flight from risky assets.
Emerging Asian currencies fell broadly on Monday, with the Thai baht hitting a five-month low, after violent protests in Egypt caused oil prices to spike and prompted investors to dump riskier assets.
Soaring domestic inflation and rate rise fears also weighed on market sentiment as the Egypt unrests pushed up oil prices, which could further add to India’s inflation pressures.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange were at 46.1875 each , respectively. Total traded volume was $4.36 billion.
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First Published: Mon, Jan 31 2011. 01 35 PM IST