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Forex »
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Rupee inches lower on broad dollar gains
November, 08th 2010

The Indian rupee edged lower early on Monday morning, tracking a broad rise in the dollar versus major currencies, although expectations of a higher start to local shares limited a sharper downside.

* At 9:03 a.m., the partially convertible rupee was at 44.28/29 per dollar, weaker than 44.20/21 at close on Thursday. Indian forex market was closed on Friday for the Diwali holiday.

* The euro fell half a percent against the dollar on Monday, dropping through $1.4000 and triggering stop losses. The index of the dollar against six major currencies was half a percent higher.

* At 0333 GMT, the MSCI index of Asian stocks ex-Japan was down 0.2 percent while the main share index was marginally higher in the pre-opening session.

* Traders expect the rupee to trade in a band of 44.20-44.40 during the session.

 
 
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