MUMBAI (Commodity Online): The Indian rupee commenced almost flat on Monday, June 20, 2011 and dipped lower tracking a lower euro versus an advancing US dollar in early Asian trades.
The domestic currency opened at Rs. 44.87 per dollar and dropped to an intraday low of 45.01 so far during the day.
Meanwhile a sharp fall in the domestic equities dragged the local unit alongside. In the spot currency market, the Indian unit was last seen trading at 45.01 at 10.30 AM IST, lower by around 14 paise or 0.31% as compared to previous close at 44.87 on Friday.
The domestic currency unit already lower on account of a rising greenback was further pushed down by a decline in local shares on the first trading day of the week. Key benchmark indices hit 3-1/2-week lows in early trade as data showing sustained selling by foreign funds over the past few days weighed on domestic sentiments. Most of the Asian stocks were also mixed. At the time of writing, the BSE Sensex was down around 277 points or 1.55% to 17593.04. Meanwhile, the S&P CNX Nifty was also down 86 points or 1.61% to 5,280.10.
The euro slipped against the greenback in early Asia today after having registered decent gains late last week. The single currency unit edged lower as euro zone finance ministers postponed a final decision about the Greek bailout funds to early July. The common currency edged lower to be currently quoting at 1.4233 against the US dollar after having risen to around 1.4338 late on Friday.
The US dollar index which tracks the greenback against a basket of currencies is up 0.48% at 75.35. Among Asian peers, the Taiwan dollar is marginally up by 0.07% at 28.94, the South Korean won by 0.21% at 1083.60 and the Indonesian Rupiah by 0.19% at 8591.50.
In the domestic currency futures market, the front month June 2011 series on NSE commenced Monday at around Rs. 44.96 against the US dollar. The contract hit an intra day high at 45.08 and registered the day's low at 44.92 so far during the day. Rupee on NSE was last seen trading at 45.06, higher by almost 11 paise or 0.24% as compared to previous close at 44.95.
