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    Rupee seen ranged; share moves to be key

    The rupee is expected to be rangebound on Tuesday as a broadly strong dollar is likely to offset the positive sentiment from higher Asian shares.

    January 04, 2011 / 10:48 IST

    The rupee is expected to be rangebound on Tuesday as a broadly strong dollar is likely to offset the positive sentiment from higher Asian shares.


    * The dollar firmed early in Asia, with the yen on the backfoot after upbeat data suggested the world's biggest economy will accelerate in 2011.


    * The index of the dollar against six major currencies was up 0.1%. Most Asian currencies, however, were stronger than the dollar and could underpin rupee sentiment.


    * On Monday, the partially convertible rupee ended steady at 44.70/71 per dollar, after rising 4.1% in 2010.


    * Dealers expect the rupee to start around 44.60 and move in a 44.50-44.80 band during the day.

    * At 0253 GMT, the MSCI index of Asian shares ex-Japan was trading up 0.2%, while the Nifty India stock futures traded in Singapore were up 0.4%, suggesting a higher start to the local market.

    first published: Jan 4, 2011 10:39 am

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