Rupee seen at 63: 10 things to know before the opening bell

Global cues:

Asian shares held steady on Tuesday, with investors turning their attention to the Chinese Communist Party policy-meeting for clues to China’s economic agenda for the next decade, while the dollar’s two-day rally against the euro came to a halt. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent after a three-day run of losses, while Australian shares gained 0.3 percent.

U.S. stocks edged up on Monday, lifting the Dow to another record closing high in light volume on Veterans Day while investors turned their focus to how soon the Federal Reserve may begin reducing stimulus. The Dow Jones industrial average .DJI advanced 21.32 points, or 0.14 percent, to 15,783.10, a record closing high. The Standard & Poor’s 500 Index .SPX added just 1.28 points, or 0.07 percent, to finish at 1,771.89. The Nasdaq Composite Index .IXIC inched up only 0.56 of a point, or 0.01 percent, to close at 3,919.79.

[caption id=“attachment_1139333” align=“alignright” width=“380”]  Reuters[/caption]

Business news:

India has revived plans to sell stakes in two state-owned companies to raise about $2.3 billion to boost public finances, aiming to push through a sale by mid-December to take advantage of a share market rally. Two sources with direct knowledge of the matter said investor roadshows will be launched in the United States on Tuesday for a 10 percent stake in state refiner Indian Oil Corp (IOC).

More from Investing

MSMEs are breaking the traditional convention. Look who’s funding them Scale-up your startup without an investor! Here’s how

PepsiCo Inc, the maker of Pepsi-Cola, Frito-Lay snacks and Tropicana juice, plans to invest $5.5 billion in India by 2020 to expand its presence in the country, it said on Monday.

The Economic Offences Wing (EOW) of the Mumbai Police arrested Lotus Refineries chairman and Managing Director Arun Sharma in connection with the ongoing payment crisis at the crippled National Spot Exchange (NSEL). Sharma is the producer of the recently released Bollywood movie Satya 2.

The Supreme Court on Monday dismissed the plea of Essar Oil seeking extension of time for paying outstanding sales tax dues to Gujarat as the state government was not agreeable to the submission.

Reliance Infrastructure LtdandReliance Power Ltdshares will see some actionafter they posted a 12% and 4% rise respectively in year-on-year net profit respectively, during the September quarter

Economy news:

In India, macro data that came in Monday has not been encouraging astrade deficitjumped in October to $10.6 billion compared to $6.7 billion in September, a two-and-a-half-year high, as overseas purchases of gold picked up ahead of the festival season and oil imports also increased. The export growth was better than economists’ estimates, up 13.5% while imports fell 14.5%.

The rupee fell to its weakest in two months against the dollar on fears the U.S. Federal Reserve would start winding down its stimulus, although central bank intervention and soothing trade deficit data pulled the currency off its lows.

The rupee is seen opening at around 63.40/45 versus its previous close of 63.24/25, with likely pressure on the currency ahead of key macro economic data of consumer prices-led inflation and factory output.

CPI inflation to be closely watched after the Reserve Bank of India is expected to focus more on it for its monetary policy setting. Reuters poll showed factory output rising 3.5 percent in September, much above 0.1 percent in the first five months of the fiscal year. Data expected at about 1200 GMT.