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Indian rupee weaker as Asian stocks down

Indian rupee weaker as Asian stocks down
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First Published: Fri, Sep 05 2008. 09 46 AM IST
Updated: Fri, Sep 05 2008. 09 46 AM IST
Mumbai: The Indian rupee fell in early trade on Friday as local shares are expected to follow weak cues from Asian stocks, leading to foreign fund outflows.
But anticipated capital inflows from a large company and lower oil prices are expected to curb the rupee’s fall.
Traders said inflows were expected from Japan’s Daiichi Sankyo <4568.T>, which had struck a deal to buy 34.8% stake in Ranbaxy Laboratories from its founders and a further up to 20% from the open market for a total of $4.6 billion.
Oil, India’s largest import, was trading below $108 a barrel.
At 9:10 am, the partially convertible rupee was at Rs44.465/48, compared with Thursday’s close of Rs44.35/36 per dollar.
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First Published: Fri, Sep 05 2008. 09 46 AM IST
More Topics: Markets | India | Rupee | Asian | Markets |