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Tuesday November 3, 02:10 PM
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Rupee extends fall as shares slide 1 pct
MUMBAI (Reuters) - The rupee further extended losses in afternoon session on Tuesday, in line with the domestic sharemarket, while a pause in the dollar's slide versus major units also hurt.
* At 1:50 p.m., the partially convertible rupee was at 47.15/16 per dollar, below its previous close of 46.96/97 on Friday. Financial markets were closed on Monday for a holiday.
* Shares fell 1 percent in afternoon trade after seesawing earlier in the day. [.BO]
* Portfolio flows into local shares are a key driver of the rupee. Foreigners have bought more than $14 billion of local equities so far this year, after being sellers of more than $13 billion in 2008.
* The dollar index, a gauge of the U.S. unit's performance versus six majors, was marginally lower, after haivng been down 0.2 percent at the start of the Indian trading session.
* One-month offshore non-deliverable forward contracts were quoting at 47.18/28, weaker than the onshore spot rate.
* In the currency futures market , the most traded near-month contracts on the National Stock Exchange (^NSEI : 4941.75 -63.8
) and MCX-SX were both quoting at 47.2350 each, with the total traded volume on the two exchanges at about $1.8 billion.
(Reporting by Swati Bhat; Editing by Ramya Venugopal)
(For more news on Reuters Money visit http://www.reutersmoney.in)
