Rupee seen subdued before election results

Mumbai: The rupee is expected to tread water early on Tuesday as investors await the election results in Uttar Pradesh.

The results expected by noon would give clues on the Congress-led coalition's ability to revive stalled reforms, a key driver that would influence local stocks and the rupee, traders said.

[caption id="attachment_235266" align="alignleft" width="380" caption="The rupee is likely to open around 49.95 to the dollar"][/caption]

The rupee is likely to open around 49.95 to the dollar and move between 49.70 and 50.20, they said. It closed at 49.835/845 on Monday after touching a near six-week low of 49.9550.

Subdued global risk sentiment and increased demand for dollars from oil importers could pile pressure on the rupee, traders said.

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Reuters