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Thursday November 5, 10:00 AM
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Rupee drops on weak regional shares
MUMBAI (Reuters) - The rupee eased in early trade on Thursday tracking lower regional sharemarkets, which could prompt foreign investors to repatriate funds from local stocks.
* At 9:10 a.m. the partially convertible rupee was at 47.13/14 per dollar, slightly weaker from 47.05/06 at close on Wednesday.
* Traders said they expected a range of 46.90 to 47.30 during the session.
* Foreign funds have bought more than $14 billion of local equities so far this year, after being sellers of more than $13 billion in 2008. The inflows have been a key factor helping the gains in the stock market and the rupee.
* At 0340 GMT, the MSCI index of Asian stocks ex-Japan was trading down 0.8 percent, while the Nifty (^NSEI : 4941.75 -63.8
) India stock futures traded in Singapore were 0.6 percent lower, both pointing to a subdued start to the local market.
* The dollar index, a gauge of the U.S. unit's performance versus six majors, was up 0.3 percent.
(Reporting by Swati Bhat; Editing by Harish Nambiar)
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