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Tuesday September 1, 09:50 AM
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Rupee up on higher Asian stocks; data watched
MUMBAI (Reuters) - The rupee strengthened on Tuesday on hopes domestic shares would rise in line with most other regional peers and prompt foreigners to bring funds into the local market.
* At 9:15 a.m. the partially convertible rupee was at 48.73/74 per dollar, stronger than its previous close of 48.83/84.
* The unit fell 2.1 percent in August, its biggest decline since its 4.4 percent drop in February that came just before it hit a record low of 52.2 in early March.
* At 0345 GMT, Nifty (^NSEI : 4941.75 -63.8
) India stock futures traded in Singapore were up 0.4 percent pointing to a firm local start. Most Asian stock markets were higher .
* The yen held near a seven-week peak on the dollar on Tuesday, while higher-yielding currencies such as the Australian and New Zealand dollars were strong ahead of a rate decision in Australia.
* The dollar index, a gauge of the U.S. unit's performance versus six majors, was down 0.1 percent.
* Traders will be watching August purchasing managers' index at 10:30 a.m. (0500 GMT) and trade numbers for July that is due around noon (0630 GMT).
(For more news on Reuters Money click http://in.reuters.com/money)
