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

May 23 2014, 08:54 IST
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SummaryIndian 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.

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.

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