Rupee seen higher as Asian shares rise

MUMBAI: Rupee is expected to rise on Thursday as gains in Asian stocks could spur foreign

fund flows into local shares. The dollar's weakness against major currencies and lower oil prices

will also underpin sentiment.

The dollar's weakness against major currencies and lower oil prices will also underpin sentiment.

The partially convertible rupee ended at 48.56/57 per dollar on Wednesday, off an early high of

48.3825 and a shade weaker than 48.53/55 on Tuesday, when it had fallen during trade to 48.90,

its lowest since May 15.

The rupee has rebounded from a record low of 52.2 in early March on foreign buying of about $8

billion worth stocks since mid-March, but a drop in shares over the past two weeks has shrunk

the inflow to around $7.5 billion.

Nifty India stock futures traded in Singapore were up 0.8 per cent at 0251 GMT, indicating the

domestic market would start higher. Asian stock markets were mostly higher.

The dollar index, a gauge of the US unit's performance versus majors, was down 0.15 per cent at

0300 GMT. One-month offshore non-deliverable forward contracts were quoting at 48.54/64.

Sorce:

http://economictimes.indiatimes.com/Market-News/Re-seen-higher-as-Asian-shares/articleshow/47

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