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Forex Market India - Rupee inches up; awaits stocks for more cues

By shalin111 on | From indiaforex.com

India Friday 11 December 2009 : The rupee edged higher in opening deals on Friday tracking stronger regional peers with gains in other Asian stock markets boosting hopes for capital inflows.

* At 9:03 a.m. the partially convertible rupee was at 46.59/60 per dollar, stronger than its close of 46.64/65 on Thursday. On Wednesday, it fell as low as 46.87 during trade, its weakest since Nov. 27.

* Almost all Asian units were stronger compared to the dollar. The index of the dollar against six majors was marginally higher.

* At 0333 GMT, the MSCI-index of Asian stocks ex-Japan was up 0.8 percent while the Nifty India stock futures traded in Singapore were 0.6 percent higher, suggesting a firm start to the local share market.

* The central bank’s decision to withdraw from Jan. 1 some concessions on overseas borrowing for Indian firms introduced during the global credit crisis had weighed on the rupee on Thursday.

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