Rupee drops as dollar strength vs majors hurts
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Mumbai: The rupee weakened in early trade on Monday tracking the dollar's strength against major currencies and losses in regional stock markets which could trigger outflows from local shares.
At 9:20 a.m. the partially convertible rupee was at 50.96/97 per dollar, weaker than its Thursday's close of 50.59/61. The currency market was shut on Friday for a holiday.
The dollar pushed higher against major currencies, propelled by the euro's losses sparked by a policymaker suggesting fiscal irresponsibility in the region could put the single currency at risk.
Nifty stock futures in Singapore were down 2 per cent, pointing to a weaker start in the local market. One-month offshore non-deliverable forwards were at 51.28/50.38 per dollar weaker than the onshore spot rate.
Foreigners have bought about $620 million worth of shares in the past nine sessions, a key factor helping the rupee's recent rise.
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