Indian Re seen up on Reliance Power IPO flows

Mumbai: The Indian rupee could gain on Tuesday as foreigners are expected to be keen bidders in Reliance Power’s $3 billion IPO, the country’s biggest ever, but traders expect the central bank to intervene on any sharp gains.

The partially convertible rupee ended at 39.28/29 per dollar on Monday, little changed from Friday’s close of 39.28/285 and not far from a decade-high of 39.16 hit in November.

The central bank bought about $64 billion in intervention in the first 10 months of 2007 and analysts said it has been active since then in keeping the rupee weaker than 39.20 per dollar.

Asian stocks edged higher on Tuesday after strong results from technology heavyweights lightened the mood ahead of big U.S. bank earnings due later in the week.

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