Rupee largely steady at open; IIP awaited

Last Updated: Fri, Oct 12, 2012 04:56 hrs

Rupee is steady at its previous close of 52.6850/6950 as a steady euro prevents any gains in the pair while losses in domestic shares limit a major fall. The pair has moved in a band of 52.5550 to 52.73 so far in the session.

Shares in Infosys, India's No. 2 software exporter, fall over 8 percent after the company's revenue growth forecast for the fiscal year failed to meet market expectations.

The euro rises slightly after snapping a three-day decline the day before when the International Monetary Fund said indebted euro zone economies should have more time to cut budget deficits.

Traders see a 52.50 to 53 range on the pair until the factory output data due around 11 a.m.

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