Rupee seen down on oil payments

Mumbai: The rupee is likely to open lower on Thursday as dollar demand from oil importers is expected to remain strong.

Traders said the rupee should open around 49.32 to the dollar and move between 49.20 and 49.50. It closed at 49.22/23 on Wednesday.

[caption id="attachment_222448" align="alignleft" width="380" caption="Traders said the rupee should open around 49.32 to the dollar and move between 49.20 and 49.50. It closed at 49.22/23"][/caption]

India imports nearly 80 percent of the oil it consumes and refiners are the biggest buyers of dollars in the currency market.

At 0239 GMT, the MSCI index of Asian stocks ex-Japan was down 0.7 percent, while the Nifty India stock futures in Singapore was little changed.

Reuters