Monday, November 29, 1999

Rupee eases on share losses; strong dollar

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The rupee dropped on Tuesday after a sharp rally seen in the previous session as a subdued start to domestic shares weighed on sentiment while the dollar's gains against major currencies also hurt.* At 9:35 a.m. the partially convertible rupee was at 45.01/02 per dollar, weaker than 44.8450/8550 at close on Monday, when it rose as high as 44.82.* The BSE Sensex eased 0.3 percent after opening higher on Tuesday, with Reliance Industries and HDFC Bank falling, amid subdued Asian markets.* However, further losses were averted by mostly firm Asian currencies. The index of the dollar against six major currencies was up 0.3* The euro slipped on Tuesday, giving back some gains made the previous day on news of a $1 trillion package to prevent the spread of the European debt crisis, as scepticism remains over Greece's ability to cut its large fiscal deficit smoothly.(Reporting by Swati Bhat; editing by Sunil Nair)(For more business news on Reuters Money visit http://www.reutersmoney.in)
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