 "Rupee seen subdued before election results")
Mumbai: The rupee is expected to tread water early on Tuesday as investors await the election results in Uttar Pradesh.
The results expected by noon would give clues on the Congress-led coalition’s ability to revive stalled reforms, a key driver that would influence local stocks and the rupee, traders said.
[caption id=“attachment_235266” align=“alignleft” width=“380” caption=“The rupee is likely to open around 49.95 to the dollar”]  [/caption]
The rupee is likely to open around 49.95 to the dollar and move between 49.70 and 50.20, they said. It closed at 49.835/845 on Monday after touching a near six-week low of 49.9550.
Subdued global risk sentiment and increased demand for dollars from oil importers could pile pressure on the rupee, traders said.
The Nifty India stock futures index in Singapore was 0.5 percent lower.
Reuters
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