Posted by:  dineshsahay on ( 04-Jul-08 10:30 )
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| | | Friday July 4, 09:20 AM
Rupee may ease as oil holds above $145
MUMBAI (Reuters) - The rupee may drop on Friday, with oil holding above $145 a barrel and shaky stock markets raising prospects for more capital outflows.
* The central bank should step in and support the rupee, but the trend is expected to remain on the downswing.
* Rising foreign portfolio outflows, a widening trade gap and an unrelenting rise in the price of oil are likely to drive the rupee down nearly 2 percent in coming months, a Reuters poll showed.
* Oil steadied on Friday as the United States headed into the Independence Day long weekend, pausing after the previous day's rally to a record near $146.
* India imports about 70 percent of its oil and its oil bill is expected to hit $110-$120 billion in 2008/09, from $77 billion in the previous fiscal year due to higher world prices, petroleum secretary M.S. Srinivasan said.
* The rupee ended at 43.30/31 per dollar on Thursday, 0.3 percent weaker than Wednesday's close of 43.17/18. It had hit a 15-month low of 43.50 on Tuesday.
* It has lost 1 percent so far this week, and is down more than 9 percent in 2008. It had gained 12.3 percent last year.
* Indian shares fell 4.2 percent on Thursday, taking their losses to 15 percent in two weeks, as record oil prices intensified inflation expectations and possibly tighter monetary policy. Reuters
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