Monday, November 29, 1999

Rupee steady as dollar gains weigh, shares help

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The rupee was steady on Thursday morning as gains in the dollar versus major currencies were offset by a mildly positive start to the domestic sharemarket which would be key for further direction.* At 9:06 a.m., the partially convertible rupee was steady at Wednesday's close of 46.55/56 per dollar, when it rose as high as 46.2850, its strongest since May 20.* Most Asian currencies were lower against the dollar.The index of the dollar against six major currencies was up 0.3 percent.* Indian shares were up 0.1 percent in early trade on Thursday, with Reliance Industries leading the rise, but gains were seen capped after the main index rallied more than five percent over six sessions.* The euro consolidated below two-week highs on Thursday, with most investors on the sidelines ahead of a raft of bond auctions in the euro zone as concerns about Spain's banking system weigh down on sentiment.(Reporting by Swati Bhat; editing by Sunil Nair)(For more business news on Reuters India click

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