01-22-2008, 12:05 PM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Tue, Jan 22 11:33 AM
The rupee recovers slightly in tandem with local stocks after falling to a 2-month low on Tuesday, tracking the stock market which fell 11.5 percent in opening deals, with dollar selling by exporters offering support.
<b>* At 11:15 a.m. rupee at 39.665/675 per dollar, weaker than the previous finish of 39.555/56, but climbing from an intraday low of 39.78, its weakest since late November.</b>
* Indian shares pared opening losses of 11.5 percent as trade resumed after the sharp opening falls had triggered an automatic halt.
* Foreigners sold $1.4 billion worth of Indian shares in the last three days of last week.<b> In 2007, foreign funds bought a record $17.4 billion of stocks, and this was a key driver for the rupee's rise of more than 12 percent.</b>
* The rupee received support around 39.70 from exporters and corporates who sold dollar holdings. <b>The market expects exporters to continue selling dollars as the rupee weakens.</b><!--QuoteEnd--><!--QuoteEEnd-->
The rupee recovers slightly in tandem with local stocks after falling to a 2-month low on Tuesday, tracking the stock market which fell 11.5 percent in opening deals, with dollar selling by exporters offering support.
<b>* At 11:15 a.m. rupee at 39.665/675 per dollar, weaker than the previous finish of 39.555/56, but climbing from an intraday low of 39.78, its weakest since late November.</b>
* Indian shares pared opening losses of 11.5 percent as trade resumed after the sharp opening falls had triggered an automatic halt.
* Foreigners sold $1.4 billion worth of Indian shares in the last three days of last week.<b> In 2007, foreign funds bought a record $17.4 billion of stocks, and this was a key driver for the rupee's rise of more than 12 percent.</b>
* The rupee received support around 39.70 from exporters and corporates who sold dollar holdings. <b>The market expects exporters to continue selling dollars as the rupee weakens.</b><!--QuoteEnd--><!--QuoteEEnd-->