Rupee seen opening mildly lower on mixed cues

Published on Fri, Feb 10, 2012 at 08:26 |  Source : Reuters

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MUMBAI (Reuters) - The rupee is expected to open tad weaker on Friday, as dollar demand for oil and defence payments will likely offset the positive sentiment after Greek leaders agreed to austerity measures to secure a second bailout.

* The euro was steady near two-month highs against the dollar and the yen on Friday after Greece agreed to a deal on reforms needed to avoid a chaotic default and destabilisation of the euro zone.

* Traders expect the rupee to open around 49.45 to the dollar and move in a band of 49.30 to 49.75. It ended at 49.4975/5075, after weakening to 49.5250, a level not seen since February 1, according to Thomson Reuters data.

* At 0236 GMT, the MSCI index of Asian stocks ex-Japan was down 0.8 percent, while the Nifty India stock futures in Singapore were 0.44 percent lower, indicating a negative opening for local stocks.

(Reporting by Archana Narayanan; Editing by Ranjit Gangadharan)

  

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