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Monday August 3, 09:00 AM
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Rupee seen edging up on weak dollar
MUMBAI (Reuters) - The rupee is expected to nudge higher on Monday, helped by the dollar's losses against majors and Asian currencies. The stock market will be watched for direction on fund flows.
* Dealers said they would monitor any dollar buying intervention by the central bank to prevent sharp appreciation in the rupee.
* The partially convertible rupee ended at 47.93/95 per dollar on Friday, just off a peak of 47.92 which was its strongest since July 6 and about 0.8 percent stronger than Thursday's close of 48.35/36.
* The dollar fell broadly on Monday and hit its lowest point this year against a basket of currencies after higher oil prices, steady global stock markets and U.S. GDP data boosted investments in riskier assets.
* Most Asian currencies were trading higher against the dollar.
* Asian shares were mixed at 0250 GMT. The Hang Seng was up 0.2 percent, the Shanghai Composite index was 0.3 percent higher, the Kospi gained 0.5 percent while the Nikkei was down 0.3 percent.
* The Nifty (^NSEI : 4941.75 -63.8
) stock futures traded in Singapore were 0.2 percent lower, failing to provide clarity on the domestic sharemarket open.
(For more news on Reuters Money click http://in.reuters.com/money)
