Rupee seen up as Asian peers, shares rise

The rupee is expected to open stronger on Friday buoyed by gains in other regional currencies and shares, while the dollar's losses versus the euro is also seen helping sentiment.

The euro rose after a drop in US Treasury yields dented the dollar, and gave the single currency some respite from a recent sell-off on worries over the possibility of debt restructuring by Greece.

The index of the dollar against six major currencies was down 0.26% at 75.356 points at 0237 GMT, compared to 75.577 points when the rupee market closed on Thursday.

The MSCI index of Asian stocks ex-Japan was up 0.73% and the Nifty India stock futures traded in Singapore were up 0.7%, suggesting a firm start to the domestic sharemarket.

The partially convertible rupee ended 0.1% stronger on Wednesday at 45.30/31 per dollar.

Traders expect the rupee to open around 45.20 and move in a 45.15 to 45.35 band.

Asia stocks rise on Japan progress; yen softer

Japanese stocks jumped nearly 4% on Tuesday amid reports of progress in containing radiation from an earthquake-damaged nuclear plant, and the yen was broadly softer on the possibility of further intervention by major central banks.

Shares elsewhere in Asia posted modest gains, after bouncing on Monday when Tokyo markets were closed for a holiday.

US stocks rose around 1.5% on Monday, buoyed by AT&T's move to buy Deutsche Telecom.

Oil prices were steady, following a 1% rise in the previous session as widening unrest in the Middle East intensified fears of supply disruptions.

Tokyo's Nikkei share average was up 3.9% in early trade, while Nikkei futures on the Osaka Stock Exchange leapt 3.4%.

The Nikkei remained down around 7% on its close on March 11, the day northeastern Japan was struck by a massive 9.0 magnitude earthquake and tsunami that left at least 21,000 people dead or missing and crippled a nuclear power plant.

Benchmark 10-year Japanese Government Bond futures fell 0.28 point to 139.46.

The yen traded around 81.20 to the dollar and eased against the euro to around 115.45.

Last week, expectations of massive repatriations to pay for quake reconstruction drove the Japanese currency to a record 76.25 to the dollar before a rare intervention by the Group of Seven rich nations on Friday to curb its appreciation.

US crude oil futures edged up 8 cents to USD 102.41 a barrel and Brent crude rose the same amount to USD 115.04.

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