November 11, 2009 / 4:10 AM / 8 years ago

Indian rupee almost steady; stocks open awaited

* Stocks crucial for providing direction on capital flows

* Dollar slips against majors but support seen (Updates to early trade)

MUMBAI, Nov 11 (Reuters) - 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 markets.

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 day.

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 rate. (Reporting by Swati Bhat; Editing by Ranjit Gangadharan)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below