Rupee rises; Bharti Infratel, NMDC flows may support
Reuters Market Eye - The rupee opens higher, tracking gains in shares which rose in line with regional equities, says dealer. The pair opened at 54.37 and is trading at 54.37/3850, versus 54.49/50 close on Monday.
Bharti Infratel IPO opens for retail subscription. It will allot shares worth $120 million to cornerstone investors as part of its initial public offering.
India has set a share sale in state miner NMDC Ltd (NMDC.NS), the company said, in a deal which sources said could add up to $1.1 billion to help government efforts to ease its yawning budget deficit.
Dealer says INR may trade with gains on expected inflows, but oil bids will cap gains.
The euro stabilised near two-week lows on Tuesday as nerves calmed over Italy's latest political turmoil and as prospects of more stimulus from the U.S. Federal Reserve pinned down the dollar.
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Data released on Friday showing a slowdown in India's economy will put the Reserve Bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival. Full Article