Rupee up on regional stocks; Asian units
22 Jul 2009, 0934 hrs IST, REUTERS
MUMBAI: The Indian rupee edged higher on Wednesday tracking gains in regional share markets and other Asian currencies, but the local stock market Open will provide clues on direction of fund flows.
* At 9:25 a.m. the partially convertible rupee was at 48.30/31 per dollar, stronger than its Tuesday's close of 48.42/43.
* The Morgan Stanley index of Asian stocks
outside Japan, and Nifty stock futures traded in Singapore, were both up 0.4 percent, pointing to a higher opening in the domestic market.
* Foreigners have bought a net $1.4 billion worth of local stocks so far in July, taking net purchases in 2009 to almost $6.4 billion and helping the rupee pull back from a record low of 52.2 in early March. On the month, the rupee is down 1.1 percent.