Thursday, September 24, 2009
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Forex Market in India - Rupee seen weaker as Asian shares slip
India Thursday 24 September 2009: Rupee is expected to weaken on Thursday in line with a slide in Asian shares, with a rebound in dollar against the euro from a one-year low also pushing down the local unit. * The dollar index which measures the dollar’s value against a basket of six major currencies, was 0.41 percent higher at 76.365 at 0249 GMT. * Nifty India stock futures traded in Singapore were down 0.6 percent.
The Morgan Stanley index excluding Japan was down 1 percent. The Federal Reserve on Wednesday upgraded its assessment of the U.S. economy, saying growth had returned after a deep recession, while reiterating its promise to hold interest rates very low for a long time. The partially convertible rupee closed at 47.98/48.00 per dollar on Wednesday, slightly weaker than Tuesday’s close of 47.9550/9650. In early deals the rupee rose to 47.85, its highest since Aug. 10, mainly due to a weak dollar overseas.