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Rupee heads lower; share moves watched

Source : REUTERS
Last Updated: Wed, Mar 20, 2013 04:41 hrs
To match feature MICROFINANCE

Rupee trades weaker at 54.49/50 compared with its close of 54.37/38 on Tuesday. Risk-off mood continues in global markets.

Asian shares extend losses and investors give the euro a wide berth after a bailout deal for Cyprus is thrown into disarray.

The RBI's guidance on the scope for future rate cuts being limited and the ongoing political uncertainty after a key ally withdraws support from the ruling coalition are expected to keep the downside for the pair under check.

The pair is seen moving in a 54.10 to 54.60 range during the session. Traders expect some selling to come in around 54.55-60 levels, preventing a much sharper rise.





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