Indian rupee to drop on dlr demand from oil cos

MUMBAI Thu Feb 26, 2009 8:51am IST

Related Topics

MUMBAI Feb 26 (Reuters) - The Indian rupee should weaken on Thursday as demand for dollars from oil importers is expected to rise on the back of higher oil prices, while mixed Asian shares offer little comfort.

* Oil CLc1 hovered above $42 a barrel in Asian trade, holding onto gains of more than 6 percent on Wednesday after U.S. government data showed a larger-than-expected drop in gasoline stocks. [O/R]

* One-month offshore non-deliverable forwards PNDF were at 50.07/17 per dollar, weaker than the rupee's INR=IN 49.96/97 close in the domestic market on Wednesday when it slid 0.2 percent.

* It was the weakest close since Dec. 3 and took its losses this year to 2.5 percent. The rupee had fallen 19.1 percent in 2008.

* At 0305 GMT, Hong Kong's main index .HSI was down 0.5 percent, while Japan's key index .N225 was up 1.3 percent and Korea's index was up 1.7 percent. (Reporting by V. Ramakrishnan; Editing by Ranjit Gangadharan)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Earnings Season

Earnings Season

Reliance Q4 sales rise, refining margin narrows.  Read 

Literary Giant Dies

Literary Giant Dies

Nobel winner Garcia Marquez, master of magical realism, dies at 87.  Full Article 

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Full Article | Full Coverage 

Insider Trading

Insider Trading

Ex-Goldman director Gupta starts prison term on June 17.  Full Article 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

Expansion Plans

Expansion Plans

Reliance Industries, HPCL Mittal plan refinery expansions.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage