Indian rupee seen up from 6-wk low, stocks watched
The Indian rupee may rise on Friday from 6-week low hit in the previous session, with fund flows expected into the stock market.business Updated: May 02, 2008 08:59 IST
The Indian rupee may rise on Friday from 6-week low hit in the previous session, with fund flows expected into the stock market following other Asian markets after the US Fed cut rates and oil prices eased.
* Thursday was a holiday. Rupee ended at 40.50/52 per dollar on Wednesday, its lowest close since March 18. Tuesday close: 40.47/48.
* Oil below $112 a barrel after record of $119.93 this week. India buys about 70 per cent of its oil and lower prices could ease dollar demand from importers.
* Expectations growing that Fed will keep rates on hold for a while now after US data showed manufacturing activity shrinking less than expected. Fed trimmed rates to 2 pct.