MUMBAI (Reuters) - The rupee weakened in opening trade on Thursday, tracking a fall in the Nifty futures traded in Singapore, but the downside is likely to be capped ahead of the finance minister's conference later in the day.
Nifty futures traded in Singapore were trading down 0.8 percent in line with other emerging Asian markets.
However, the downside for the rupee is likely to be limited ahead of Finance Minister P. Chidambaram's scheduled press conference to announce measures to prop up the rupee.
At 9:05 a.m. (0335 GMT), the partially convertible rupee was trading at 58.08/09 per dollar versus its Wednesday's close of 57.79/80.
The stock market regulator also announced a hike of $5 billion in government debt for long-term foreign investors while a follow-on impact of the Fitch ratings outlook upgrade should also limit the downside in the rupee, traders said.
(Reporting by Swati Bhat; Editing by Supriya Kurane)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app