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Rupee seen easing on equity outflow worries

Rupee seen easing on equity outflow worries
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First Published: Thu, Aug 16 2007. 10 07 AM IST
Updated: Thu, Aug 16 2007. 10 07 AM IST
Mumbai: The rupee is expected to drop on Thursday (16 August), fearful of capital outflows as renewed worries about a global credit squeeze hammer Asian stock markets.
* Equity inflows have been a key driver for the rupee, which hit a nine-year high of 40.20 per dollar in July. Foreigners have bought about $9.5 billion of local shares in 2007, adding to $7.9 billion last year, but they have been unwinding this month.
* The partially convertible rupee dropped to 40.75/76 on Tuesday (14 August), its weakest close since 28 June. Financial markets were closed on Wednesday for India’s Independence Day holiday. -----------------------------------------------------------
MARKET SNAPSHOT,10,18,38,49
Bombay Sensi tive Index BSESN
Indian rupee INR=IN
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First Published: Thu, Aug 16 2007. 10 07 AM IST
More Topics: Markets | India | Rupee | Money Matters | Currency |