Rupee drops tracking peers

Rupee drops tracking peers

Mumbai: The Indian rupee weakened on Monday in line with broadly lower Asian units, while traders awaited the domestic sharemarket open for further cues on the direction of foreign fund flows.

At 9:10am, the partially convertible rupee was at Rs46.44/45 per dollar, weaker than its Friday’s close of Rs46.285/295.

The MSCI-index of Asian stocks ex-Japan was down 0.4% while the Nifty futures traded in Singapore were 0.3% lower, pointing to subdued start for domestic stocks.

The dollar index, a gauge of the US unit’s performance against six majors, was down half a percent. Most Asian units were, however, weaker.

The dollar slipped against the yen on Monday as traders pocketed profits, slipping from a one-month peak hit late last week, when a surprisingly low number of US job losses boosted hopes for an economic recovery.