Rupee weakens as regional stocks drop (Reuters)

MUMBAI (Reuters) – The rupee weakened in opening deals on Wednesday as losses in Asian shares raised concerns foreigners may withdraw funds from the local market, with losses in other Asian units adding to the woes.

* At 9:10 a.m. the partially convertible rupee was at 50.07/08 per dollar, weaker than its Monday’s close of 49.88/90. Markets were closed on Tuesday for a public holiday.

* The yen and the dollar inched up on Wednesday as optimism about a global economic recovery ebbed after weaker-than-expected U.S. economic data, stemming demand for other currencies.

Asian units were also higher versus the greenback.

* Most Asian stock markets were in the red. At 0340 GMT, the Hang Seng was 1.9 percent down, the Nikkei had shed 1.4 percent, the Kospi had lost 1.6 percent, while the Shanghai Composite index was 0.5 percent lower.

* Indian shares are expected to take their cues from the earnings and outlook of IT-services bellwether Infosys Technologies (INFOSYS.BO : 1370.8 0).

~ by Yourwebseo on April 16, 2009.

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