Mumbai: The rupee edged lower on Tuesday following the dollar’s gains against some Asian currencies but a sharp fall is likely to be limited as Asian stock were mixed.
At 9:06am, the partially convertible rupee was at Rs48.97/98 per dollar, weaker than Monday’s close of Rs48.84/85 per dollar on Monday.
Japan’s main index was down 4.3%, while Hong Kong’s index was up 0.7% and the Korean index rose 0.5%.
The euro dropped against the dollar on Tuesday to near a one-month low hit the previous day as expectations mounted the European Central Bank will cut interest rates this week.
Oil continued to fall on Tuesday and was trading above $37 a barrel, after tumbling nearly 8% overnight due to slumping demand on global economic slowdown.
One-month offshore non-deliverable forward contracts were at Rs49.21/31, weaker than the onshore spot rate.
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