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Rupee seen weak tracking regional peers, stocks

Rupee seen weak tracking regional peers, stocks
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First Published: Wed, May 04 2011. 10 23 AM IST
Updated: Wed, May 04 2011. 10 23 AM IST
Mumbai: The rupee should open weak on Wednesday in tandem with subdued regional peers and lower Asian shares, but a firm euro will provide some comfort.
At 8:34am, the MSCI index of Asian stocks ex-Japan was down 1.4% and the Nifty India stock futures traded in Singapore were down 0.5%.
The index of the dollar against six major currencies was up 0.16% at 73.254 points.
The euro held firm against the dollar in early Asian trade, but surged against a broadly weaker sterling, which fell as markets pushed out interest rate hike expectations on the back of surprisingly weak UK manufacturing data.
The partially convertible rupee closed 0.4% weaker at 44.51/52 per dollar on Tuesday, after the main stock index fell 2.4% following a larger-than-expected rate increase.
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First Published: Wed, May 04 2011. 10 23 AM IST
More Topics: Markets | India | Rupee | Dollar | Currency |