MUMBAI: The rupee slipped to its lowest level in more than a month on Tuesday, weighed by losses in local shares and other Asian peers. Growth data due around 0530 GMT is expected to set the trend. The economy probably grew an annual 8.7 percent in April-June, its strongest pace since the December quarter of 2007, the median forecast of 21 economists showed. At 10:12 a.m. (0442 GMT), the partially convertible rupee was at 47.04/05 per dollar, after touching 47.07, its weakest since July 23 and down 0.3 percent from 46.91/92 at close on Monday. "The strategy is to stay short," said Nitesh Kumar, an interbank dealer with Development Credit Bank. "We're not going a lot higher from here and with profit booking taking place we can benefit from being on the short side across asset classes." He predicted a range of 46.95 to 47.15 for the day, and said the rupee could hit 47.30 after the US payrolls data later this week. The US government's monthly employment report is due on Friday at around 1230 GMT. The data will be monitored for confirmation that the economic recovery is indeed losing momentum. Most Asian currencies weakened against the dollar. The index of the dollar against six majors was little changed and would be watched for cues. Indian shares were trading down 0.6 percent, in line with weak Asian markets. One-month offshore non-deliverable forward contracts were at 47.27, weaker than the onshore spot rate and suggesting a bearish near-term outlook. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were at 47.2075 and 47.21 respectively, with the total traded volume on the two exchanges at about $850 million.

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