MUMBAI: The rupee dropped in early trade on Tuesday tracking a broadly stronger dollar overseas but expectations of a rise in domestic shares
At 9:04 am the partially convertible rupee was at 46.69/70 per dollar, weaker than its close of 46.65/66 on Thursday. Financial markets were closed on Friday and Monday for holidays.
The US dollar rose against the yen and euro in holiday-thinned trading on Monday as investors assessed the outlook for the greenback after a recent rally.
The index of the dollar against six majors was up 0.15 per cent.
At 0334 GMT, the MSCI index of Asian stocks ex-Japan was 0.1 per cent higher and Nifty India stock futures traded in Singapore were up 0.3 per cent, suggesting a mildly higher opening in the Indian market.
Dealers said some month-end dollar demand from refiners and importers was likely to weigh on the rupee later in the session.
Source : The Economic Times