Monday, November 29, 1999

Rupee set to rebound, shares watched

News posted by www.newsinfoline.com

The rupee should rebound early on Monday after the dollar fell sharply against major currencies, and supported by gains in regional stock markets.* The euro trimmed earlier gains after the European Union's monetary affairs commissioner, Olli Rehn, said the European Central Bank had taken a decision to intervene in the secondary market of government securities.* Most Asian currencies jumped against the dollar. for a snapshot. The index of the dollar against six major currencies was down 0.95 percent.* At 0250 GMT, the MSCI index of Asian stocks ex-Japan was trading up 2.1 percent while the Nifty India stock futures traded in Singapore were 1.8 percent higher, suggesting a firm start to the domestic market.* The partially convertible rupee had shed 2.5 percent to 45.48/49 per dollar, last week, its worst performance since the week of March 1, 2009 when it had dropped 3 percent, a couple of days before hitting its record low of 52.2.(Reporting by Swati Bhat; Editing by Ranjit Gangadharan)

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