India rupee seen steady as dollar, oil pause
Indian rupee may get bit of a lift today as oil prices have retreated and dollar is hanging fire against other majors.india Updated: Jul 19, 2006 08:58 IST
The Indian rupee may get a bit of a lift on Wednesday as oil prices have retreated a little and the dollar is hanging fire against other majors.
* The rupee closed at 46.70/71 per dollar <INR=IN>, after slipping to about 46.82 in early trade on Tuesday, its lowest since June 2003.
* Crude oil <CLc1> was holding just below $74 a barrel in early trade on Wednesday.
* Indian shares <.BSESN> fell 0.7 per cent on Tuesday, triggering worries in the currency market about a slowdown in foreign fund investments. But traders say upbeat results from TCS <TCS.BO> after the market closed could boost the index.
* Dealers said they will now focus on US inflation data and a testimony by Federal Reserve Chairman Ben Bernanke on Wednesday for clues on the Fed's rate policy.