Indian rupee seen opening stronger against US dollar; Iraq developments, oil in focus

Written by Reuters | Updated: Jun 25 2014, 14:59pm hrs
Rupee to dollarAlmost all Asian currencies slide against the dollar. (Reuters)
Indian rupee expected to rise from its previous close of 60.1325/1425, tracking the US dollar's gains versus most other Asian currencies as the violence in Iraq continues raising fears of a further rise in global crude oil prices.

The pair trading at 60.22 in the offshore spot non-deliverable forwards traded in Singapore.

Almost all Asian currencies slide against the dollar.

Asian shares were on the back foot early on Wednesday, taking their cue from Wall Street as the deepening crisis in Iraq and a report that the U.S. could be loosening restrictions on crude exports triggered a rally in oil prices.

The pair is seen holding in a 60.00 to 60.40 range during the session.

Traders will monitor the domestic share market for clues on the direction of foreign fund flows. The Nifty India stock futures traded in Singapore currently flat.