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Indian rupee seen higher on Asian stocks rise

Fri Nov 6, 2009 8:22am IST
 
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MUMBAI, Nov 6 (Reuters) - The Indian rupee should rise towards one-week highs on Friday, buoyed by gains in regional stock markets, but traders would be watching the dollar's moves versus majors.

* The partially convertible rupee INR=IN ended at 47.0150/0250 per dollar on Thursday, off the day's peak of 46.9925, and slightly above Wednesday's close of 47.05/06.

* It had touched an intraday low of 47.25 on Thursday, after the main share index .BSESN fell as much as 2.2 percent in early trade and as the dollar strengthened overseas.

* At 0245 GMT, the MSCI index .MIAPJ0000PUS of Asian stocks ex-Japan was 1.5 percent higher, while the Nifty India stock futures SINc1 traded in Singapore were up over 1 percent, both suggesting a higher start to the local sharemarket.

* Most Asian stocks were in the green. The Hang Seng .HSI was up 2 percent, the Kospi .KS11 and Nikkei were both 1.1 percent higher while the Shanghai Composite index .SSEC gained 0.6 percent.

* The dollar held steady on Friday with investors consolidating positions ahead of October non-farm payrolls data due later in the session, a report that would highlight the durability of an economic recovery. [USD/] (Reporting by Swati Bhat; Editing by Ranjit Gangadharan)

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