The rupee on Tuesday took a breather as it opened 2 paise lower at 68.55 against the US dollar after surging 57 paise to close at an over seven-month high of 68.53 on Monday, mainly driven by sustained foreign fund inflows and narrowing trade deficit.
BUZZING STOCKS Shares of IT firm Mindtree were trading flat in the opening deals on Tuesday after the engineering and construction major Larsen & Toubro (L&T) last night announced the purchase of a 20.32 per cent stake in the company for Rs 3,269 crore. READ MORE Shares of Anil Dhirubhai Ambani Group (ADAG) companies were trading higher with Reliance Communications (RCom) hitting upper circuit of 10 per cent at Rs 4.40 on the BSE after the company cleared the entire dues to Ericsson India to purge the contempt of a Supreme Court order.
Mozambique flood. Photo: Reuters
TRADE SET-UP Asian shares treaded water on Tuesday ahead of a U.S. Federal Reserve policy meeting, hovering near six-month highs. MSCI’s broadest index of Asia-Pacific shares outside Japan was virtually flat, just a hair away from the highest level since September 21. Japan’s Nikkei average dropped 0.5 per cent, while Australian stocks eased 0.1 per cent. In the commodity market, oil prices hovered just below 2019 highs early on Tuesday, supported by ongoing supply cuts led by producer club OPEC.