Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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Rupee lower; market to be flows driven

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A shopkeeper poses for a picture as he counts Indian currency notes at his shop in Jammu May 16, 2012. REUTERS/Mukesh Gupta/Files

A shopkeeper poses for a picture as he counts Indian currency notes at his shop in Jammu May 16, 2012.

Credit: Reuters/Mukesh Gupta/Files

Wed Dec 26, 2012 9:25am IST

Reuters Market Eye - Rupee opens lower, in line with weakness in most Asian FX as U.S. fiscal impasse looms, dealer says. The pair at 55.07/08 versus 54.95/96 Monday close.

"The market being illiquid it won't trade on fundamentals with flows dominating," says foreign bank dealer, who expects the rupee to trade in 54.95-55.35 band in the session.

Most Asian currencies including rupiah, peso, Sing dollar trading softer.

The Dollar Index trading at 79.703, up 0.09 pct, after it rose as high as 79.780 on Tuesday.

The yen sank to a 20-month low in Asian trading on Wednesday, as Shinzo Abe prepared to assume Japan's helm with a mandate to weaken its currency and push for more drastic monetary and fiscal stimulus.

(Reporting by Subhadip Sircar)
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