Rupee seen up on inflow hopes

Mumbai: The rupee is likely to rise in opening trades on Tuesday in anticipation of inflows into local stocks, tracking gains in most Asian equities and after strong industrial data on Monday.

Pressure on the dollar before the US Federal Reserve’s policy statement at 1815 GMT is also seen aiding the local currency.

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Traders said the rupee should open around 49.88 to the dollar and move between 49.75 and 50.10. It closed at 49.96/97 on Monday.

At 0237 GMT, the MSCI index of Asian stocks ex-Japan was up 1.44 percent, while the Nifty India stock futures index in Singapore was up 1.12 percent.

Signs of a rebound in Asia’s third largest economy were strong as the industrial output in January grew at its fastest pace in seven months and as February car sales hit a record high.

Reuters