Rupee seen opening lower, shares eyed

The rupee should start lower on Wednesday on the back of a slightly weaker euro and the stock market will be watched for cues on fund flows.

The partially convertible rupee is expected to open around 44.45 per dollar and move in a range of 44.40-44.50, traders said. It had ended steady on Tuesday at 44.4250/4350.

The euro stayed on the back foot in Asia on Wednesday, having suffered a steep fall against the Swiss franc and the dollar after Moody's slashed Portugal's credit rating to junk status.

At 0252 GMT, the euro was at USD 1.4452 compared with USD 1.4469 at the close of local forex trade on Tuesday.

The index of the dollar against six major currencies was at 74.514 points versus 74.509 when the local market closed.

Shares are expected to open little changed with the MSCI index of Asian stocks ex-Japan and the Nifty India futures traded in Singapore both nearly flat.