Rupee at 5-week low as Asian stocks fall

The rupee reached a five-week low on Tuesday on expectation local shares will fall, following the lead of Asian stocks, triggering concerns of foreign fund outflows.

At 9:07 a.m, the partially convertible rupee was at 48.85/86 per dollar, compared with Monday's close of 48.62/63. In opening deals it touched 48.90, its lowest since May 15.

Nifty stock futures traded in Singapore were down 1.9 per cent at 0340 GMT, indicating the domestic market would start lower. link...