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Rupee seen lower as Asian stocks drop

Rupee seen lower as Asian stocks drop
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First Published: Thu, Jul 10 2008. 10 58 AM IST
Updated: Thu, Jul 10 2008. 10 58 AM IST
Reuters
Mumbai: The rupee is expected to ease on Thursday, taking cues from weaker Asian stock markets but signs of political stability and likely central bank intervention may check sharp falls.
Asian stocks slipped and government bond prices were higher on fears the credit crunch dogging Wall Street would inflict more damage on the region, already suffering from high inflation.
Oil was trading above $136.50 a barrel. The partially convertible rupee ended at $43.12/13 per dollar on Wednesday, 0.3% stronger than Tuesday’s close of 43.26/27. It had hit a 15-month low of 43.50 last week.
Indian shares rose 4.6% to their highest close in two weeks on Wednesday as oil eased from record highs and the exit left parties was seen helping economic reforms.
Foreign funds have sold a net $6.7 billion of Indian stocks so far in 2008, and the share index is down nearly a third.
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First Published: Thu, Jul 10 2008. 10 58 AM IST
More Topics: Markets | India | Rupee | Money Matters | Currency |