Monday, November 29, 1999

Rupee seen up in line with Asian peers

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The rupee should extend gains on Tuesday in tandem with other Asian currencies, but traders would keep an eye on the dollar's rise against major currencies and on the stock market for clues on fund flows.* Most Asian currencies firmed against the dollar. However, the index of the dollar against six major currencies was up 0.2 percent.* At 0257 GMT, the MSCI index of Asian stocks ex-Japan and the Nifty India stock futures in Singapore were both trading flat, suggesting a steady opening for domestic shares.* 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.* The partially convertible rupee had ended at 44.8450/8550 per dollar on Monday, snapping its five-straight days of fall, compared with Friday's close of 45.48/49.(Reporting by Neha D'silva; Editing by Ranjit Gangadharan)(For more business news on Reuters Money visit http://www.reutersmoney.in)
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