Rupee seen touching fresh 2-month low
The rupee is expected to test a fresh two-month low on Monday on risk averse sentiment globally and tracking lower regional equities and currencies.
January 31, 2011 / 09:37 IST
The rupee is expected to test a fresh two-month low on Monday on risk averse sentiment globally and tracking lower regional equities and currencies.
The euro dipped and high-yielding currencies tumbled in early Asian trade as investors tried to exit positions associated with high levels of risks on fears that social unrest in Egypt could spread across the Middle East.At 0259 GMT, the MSCI index of Asian shares ex-Japan was down 0.98% and the Nifty India stock futures traded in Singapore were down 1.6%, indicating a negative opening for local stocks.The dollar index, a measure of the greenback's performance against six major currencies, was up 0.04% at 77.164 points.The partially convertible rupee ended at 45.7525/7625 per dollar on Friday, after falling to 45.8450, its lowest since December 1.Dealers expect the rupee to open around 45.95 and move in 45.85-46.15 band. Dollar demand may be seen around 45.90 while exporters may sell dollars around 46, they said.Foreign funds were net sellers of more than USD 1.06 billion worth of shares this month. Last year, investments had reached a record USD 29.3 billion. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
