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Rupee down tracking Asian peers; shares help

Rupee down tracking Asian peers; shares help
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First Published: Fri, Oct 08 2010. 08 57 AM IST
Updated: Fri, Oct 08 2010. 08 57 AM IST
Mumbai: The Indian rupee opened weaker on Friday tracking weak Asian peers but marginally stronger domestic shares supported the local unit.
At 9:16am, the partially convertible rupee was at Rs44.3250/3350 per dollar, weaker than Rs44.195/205 at close on Thursday when it hit Rs44.125, its strongest since Sept.8.
Dealers said they expected the local unit to remain rangebound around 44.20-44.45 per dollar for the remaining day.
Asian currencies were slightly weaker than the US dollar on Friday.
The dollar won a respite after its sharp decline on Thursday prompted profit-taking ahead of US jobs data and Group of Seven (G-7) and IMF meetings later in the week.
Indian shares rose 0.3% early on Friday, led by telecom and auto shares and propped by strong foreign fund inflows.
The MSCI index of Asian stocks ex-Japan was marginally up at 0.07% and the Nifty India stock futures traded in Singapore were down 0.03%.
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First Published: Fri, Oct 08 2010. 08 57 AM IST
More Topics: Markets | India | Rupee | Currency | Dollar |