Rupee seen pressured by dlr gains, stocks eyed

30 Jun

busines news

MUMBAI (Reuters) – The rupee could ease on Wednesday, pressured by the dollar’s gains, as traders await the opening of the local stock market for cues on capital inflows.

* The partially convertible rupee ended at 47.90/91 per dollar on Tuesday, about 0.4 percent stronger than the previous close of 48.10/11. In early trade, it had hit 47.8350, its highest since June 17.

* The dollar steadied on Wednesday, holding gains made the previous day after an unexpected fall in U.S. consumer morale cooled optimism of an economic recovery, prompting investors to seek the safety of the greenback.

* The dollar index, a gauge of the U.S. unit’s performance versus majors, was up about 0.2 percent at 0250 GMT.

* A net $7.3 billion of foreign portfolio inflows to local shares since mid-March have helped the rupee to rebound from a record low of 52.2 hit in early March.

* The main share index leapt 49.3 percent in April-June, its biggest quarterly gain in 17 years, on signs of an economic recovery.


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Posted by on June 30, 2009 in Business


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