Indian rupee weakens on capital outflow woes

Indian rupee weakens on capital outflow woes
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First Published: Thu, Mar 27 2008. 09 57 AM IST
Updated: Thu, Mar 27 2008. 09 57 AM IST
Mumbai: The Indian rupee eased in early deals on Thursday, weighed down by concerns of capital outflows from local stocks, which are expected to open lower, mirroring weaker Asian markets.
At 9:11 a.m., the partially convertible rupee was trading at 40.182/192 per dollar, 0.09% weaker than Wednesday’s close of 40.145/155.
Overseas capital flows into the local stock market guides the rupee. Foreign investors bought about $550 million of shares in the past three sessions to Tuesday.
Asian stocks fell on Thursday, dragged down by financial shares on worries over bank earnings. Tokyo’s Nikkei was down 1.8%.
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First Published: Thu, Mar 27 2008. 09 57 AM IST
More Topics: India | Rupee | Convertible | Nikkei | Stock Markets |