March 20, 2012 / 2:37 AM / 5 years ago

Indian rupee seen flat; shares watched

MUMBAI, March 20 (Reuters) - The Indian rupee is expected to
open mostly steady on Tuesday as dollar demand from oil
importers is seen offsetting foreign fund inflows.	
    * Traders said the rupee will take its cues from local
shares.
    * At 0233 GMT, the MSCI index of Asian stocks ex-Japan
 was down 0.5 percent and the Nifty India stock
futures index in Singapore was 0.02 percent higher.	
    * The rupee should open around 50.20 to 50.25 to
the dollar and move between 50.05 and 50.45 during the day,
traders said. On Monday, it closed at 50.23/24.	
    * Oil is India's largest import item and oil refiners are
the biggest buyers of dollars in the local market.	
	
 (Reporting by Shamik Paul; Editing by Aradhana Aravindan)

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