Rupee seen lower as Asian stocks drop

Rupee seen lower as Asian stocks drop

Last Updated: Thu, Nov 01, 2012 03:46 hrs
Kashmiri woman walks under garland made of Indian currency notes in Srinagar

Rupee is expected to open with losses, tracking a drop in Asian stocks, dealers say. The currency closed trade on Wednesday at 53.80/81 vs USD.

Nifty India stock futures traded in Singapore currently 0.2 percent lower, while the broader MSCI Asia ex-Japan index was 0.5 percent down.

Asian shares fell on Thursday as China's official manufacturing PMI, while confirming a trend toward recovering growth, lacked the punch to convince investors that the slowdown was bottoming out.

Most Asian currencies are trading with minor losses compared to the dollar.

Euro, commodity currencies got off to a steadier start on Thursday, following a choppy session overnight that saw Wall Street end flat after a two-day closure due to Hurricane Sandy.

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