Rupee down on local shares, dlr buys for Iran oil dues

MUMBAI: The rupee weakened a tad more in afternoon trade on Tuesday as local equities slipped further and dollar buying for Iran oil payment persisted.

* Euro's slide along side weakness in Asian currencies also weighed on the rupee, traders said.

* At 1:22 p.m., the partially convertible rupee was 44.2600/2625 per dollar, weaker from its 44.07/08 previous close.

* So far in trade, the unit has moved in 44.18-44.2950 band, and is expected to stay in range of 44.12 to 44.30, traders said.

* The euro was $1.4190 from $1.4431 when local forex trade closed on Monday, while the index of the dollar against six major currencies was up 0.34 percent to 74.519 points from 73.618 points.

* But, a sharp weakness in rupee is unlikely given the robust outlook on inflows, traders said.

* In July, foreign funds invested $1.7 billion in Indian equities and over $500 million in local debt securities, data from the capital markets regulator Securities and Exchange Board of India showed.

* The local share index fell more than 1 percent on Tuesday as fresh worries about the health of the global economy added to domestic concerns over rising rates and slowing growth.

Source: http://economictimes.indiatimes.com/markets/forex/rupee-down-on-local-shares-dlr-buys-for-iran-oil-dues/articleshow/9454882.cms

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