Mon 21 May, 2012, 11:51 AM IST - India Markets close in 4 hrs 9 mins

Rupee seen down on oil payments

MUMBAI (Reuters) - The rupee is likely to open lower on Thursday as dollar demand from oil importers is expected to remain strong.

* Traders said the rupee should open around 49.32 to the dollar and move between 49.20 and 49.50. It closed at 49.22/23 on Wednesday.

* India imports nearly 80 percent of the oil it consumes and refiners are the biggest buyers of dollars in the currency market.

* At 0239 GMT, the MSCI index of Asian stocks ex-Japan (.MIAPJ0000PUS) was down 0.7 percent, while the Nifty India stock futures in Singapore was little changed.

(Reporting by Aditya Phatak; Editing by Ranjit Gangadharan)

 

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