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Rupee weakens ahead of confidence vote

Rupee weakens ahead of confidence vote
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First Published: Tue, Jul 22 2008. 11 11 AM IST
Updated: Tue, Jul 22 2008. 11 11 AM IST
Reuters
Mumbai: The rupee weakened on Tuesday as traders squared positions ahead of a confidence vote in parliament that would decide the fate of the government.
Lawmakers are set to vote on the confidence motion late on Tuesday after a two-day parliamentary debate. The result is expected to be a close call, though investors are hoping the government will scrape through.
The rupee weakened also as foreign banks bought dollars in the local markets to sell it offshore but with oil prices stable, it is not expected to fall too steeply.
At 9.10 a.m., the rupee was at 42.75/76 per dollar, weaker than its previous close of 42.68/69 on Monday.
Lawmakers are set to vote on the confidence motion late on Tuesday after a two-day parliamentary debate. The result is expected to be a close call, though investors are hoping the government will scrape through.
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First Published: Tue, Jul 22 2008. 11 11 AM IST
More Topics: Markets | India | rupee | confidence vote | investors |