Indian rupee vs US dollar seen weaker tracking stocks; RBI intervention seen

Written by Reuters | Mumbai | Updated: May 23 2014, 14:24pm hrs
Indian rupee may open weaker around 58.38 versus its close of 58.4675/4775 on Thursday, tracking likely strength in local stocks following gains in Asian markets on improved risk appetite after confluence of positive economic data.

Asian shares edged up to one-year highs as investors lapped up signs of improving momentum in the world's biggest economies, with Tokyo's Nikkei poised to score its first weekly gain in over a month thanks to a weaker yen.

The market anticipates the Reserve Bank of India to step in to buy dollars to check the rupee's strength.

The pair was at 58.41/43 in the spot NDF market in Singapore.

NSE index futures traded on the Singapore Exchange rise 0.22 percent, while the MSCI-Asia Pacific excluding Japan index up 0.18 percent.

The index of the dollar against six major currencies down 0.01 percent.

The USD/INR pair is seen moving in a 58.35 to 58.65 range during the session.