Rupee down tracking Asian peers; shares help

Rupee down tracking Asian peers; shares help

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%.