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Rupee weakens on Asian cues, stocks key

Rupee weakens on Asian cues, stocks key
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First Published: Mon, Jun 23 2008. 10 11 AM IST
Updated: Mon, Jun 23 2008. 10 11 AM IST
Reuters
Mumbai: The Rupee inched lower on capital outflow concerns in the backdrop of weak Asian stocks, and traders wary that further losses in stocks would offset dollar sales by exporters.
At 9.30 am, the partially convertible rupee was at 42.975/980 per dollar, weaker than its previous close of 42.93/94 on 20 June.
Finance Secretary D Subbarao said on 21 June the central bank was expected to take some more monetary action to counter rising inflation. The central bank had raised its key lending rate by 25 basis points to 8% this month.
Annual wholesale price inflation rate, India’s most widely watched measure, rose to 11.05% in the 12 months to June 7, its highest since May 1995 and far outstripping forecasts for 9.82%, data released on 20 June showed.
India’s main share index ended at its lowest close in 10 months on 20 June after the inflation data.
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First Published: Mon, Jun 23 2008. 10 11 AM IST
More Topics: Rupee | Inflation | RBI | Money Matters | Currency |