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Rupee seen holding at 13-mth lows

Thu May 15, 2008 9:04am IST
 
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MUMBAI (Reuters) - The rupee is expected to hold at 13-month lows on Thursday as investors wait for the stock market to gauge foreign appetite for local assets, with a dip in the oil price offering some slight respite from recent falls.

* The partially convertible rupee ended down 0.8 percent at 42.45/46 per dollar on Wednesday, off an intraday low of 42.67, which was its weakest since April 13, 2007, according to Reuters data. It had closed at 42.10/11 on Tuesday, and has fallen 4.6 percent so far this month.

* Oil , India's biggest import, traded below $124 a barrel, after touching a record near $127 on Tuesday. High global oil prices raise the risk of widening India's trade deficit and putting downward pressure on the rupee.

* Foreign funds have been net sellers of nearly $3 billion of stocks this year, with the benchmark index down 16.3 percent since the close of 2007.

Russian Finance Minister Alexey Kudrin poses with his G20 colleagues and central bank leaders during the family photo at the G20 Finance Ministers meeting at a hotel in St. Andrews, Scotland. REUTERS/POOL New
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