* Stocks crucial for providing direction on capital flows
* Dollar slips against majors but support seen
(Updates to early trade)
MUMBAI Nov 11 The Indian rupee was largely
steady on Wednesday as the dollar's drop against major
currencies was partly offset by mixed cues from regional stock
At 9:15 a.m. (0345 GMT), the partially convertible rupee
INR=IN was at 46.52/53 per dollar, little changed from its
Tuesday's close of 46.50/51.
"The dollar is slightly weaker but not much, equity markets
would be the factor to watch out for today," a dealer with a
private bank said, predicting a range of 46.45 to 46.70, for
The dollar slipped on Wednesday, but managed to avoid a
break of recent 15-month lows on a basket of currencies as
investors paused for breath after a recent spike in the euro
and higher-yielders. [USD/]
The index of the dollar .DXY against six major units was
0.1 percent lower.
At 0345 GMT, the MSCI index .MIAPJ0000PUS of Asian stocks
ex-Japan was 0.4 percent higher, while the Nifty India stock
futures SINc1 traded in Singapore were up just marginally,
pointing to a tepid start to the local sharemarket.
Foreigners have bought a net $14.5 billion of shares so far
in 2009, after selling more than $13 billion last year. The
inflows have helped the rupee recover from its record low of
52.2 hit in early March.
One-month offshore non-deliverable forward contracts PNDF
were quoting at 46.50/55, little changed from the onshore spot
(Reporting by Swati Bhat; Editing by Ranjit Gangadharan)