Rupee seen subdued before state election results

The rupee is expected to tread water early on Tuesday as investors await the election results in Uttar Pradesh.

* The results expected by noon (0630 GMT) would give clues on the Congress-led coalition's ability to revive stalled reforms, a key driver that would influence local stocks and the rupee, traders said.
* The rupee is likely to open around 49.95 to the dollar and move between 49.70 and 50.20, they said. It closed at 49.835/845 on Monday after touching a near six-week low of 49.9550.
* Subdued global risk sentiment and increased demand for dollars from oil importers could pile pressure on the rupee, traders said.
* At 0232 GMT, the MSCI index of Asian stocks ex-Japan was down 1% and the Nifty India stock futures index in Singapore was 0.5% lower.