Rupee lower on share losses, stable oil helps

Enlarge Photo A man uses an electronic machine to check an Indian currency note at a money...

Fri, Jul 25 02:10 PM

MUMBAI (Reuters) - The rupee was steady in afternoon trade on Friday as losses in local shares raised worries of more foreign fund outflows but stable global crude prices helped curb further losses.

* At 1:50 p.m., the partially convertible rupee was at 42.27/28 per dollar, weaker than Thursday's close of 42.13/14.

* India's main share index was down 2.4 percent, tracking weaker global stocks and led lower by banking stocks and Reliance Industries.

* Foreigners have so far this year sold a net $6.6 billion worth of India stocks, a crucial factor in the rupee's 6.5 percent decline in 2008.

* Oil, India's biggest import, was trading close to $126 per barrel, but well below the record high above $147 hit earlier this month.

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