Rupee likely lower on euro weakness

USD/INR 1-month NDF at 55.22 vs NY close of 55.59-63.

Euro struggled at five-week lows on the greenback and life-time troughs against commodity currencies like the Australian dollar on Friday as markets were underwhelmed by the European Central Bank's latest attempt to bolster the region's economy.

Asian shares turn negative with MSCI's Asia ex-Japan index down 0.5%; Nifty futures in Singapore down 0.1%.

Bearish bets on the rupee fell sharply due to mounting hopes of reforms since Prime Minister Manmohan Singh took over running the finance ministry, as per a Reuters poll.