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Indian rupee seen down after Mumbai attacks

business Updated: Nov 28, 2008 08:52 IST

Reuters
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The rupee should weaken on Friday when trading resumes after coordinated attacks by armed militants on India's financial capital of Mumbai, but the Reserve Bank of India (RBI) is expected to curb steep falls.

* "The kneejerk reaction will always be to sell rupees. Having said that I expect the RBI to be there if the rupee falls below 50 per dollar," a dealer with a foreign bank said.

* Police said more than 100 people had been killed and over 300 wounded when a small army of gunmen -- at least some of whom arrived by sea -- fanned out across Mumbai to attack sites popular with tourists and businessmen, including two luxury hotels.

* Financial markets were closed on Thursday after the attacks. The Securities and Exchange Board of India has asked stock exchanges to be ready to begin trading on Friday but will take a final call on resumption just before the starting time.

* The partially convertible rupee ended at 49.48/50 per dollar on Wednesday, off the day's peak of 49.25, its highest since November 17, but still 0.9 per cent stronger than its previous close of 49.93/95. It had fallen to a record low of 50.60 last week.