Indian rupee expected to open higher january 31 2012

forex trading outlook today - Indian rupee expected to open higher january 31 2012 : The Indian rupee is expected to open higher on Tuesday as risk sentiment improved globally, bolstering Asian equities and the euro, after Greece indicated a debt swap deal could be reached soon to prevent a default.

* Traders said the rupee would open around 49.60 to the dollar and move in a band of 49.40 to 49.80. The currency retreated from a near 3-month high to close almost 1 percent weaker on Monday at 49.79/80 due to strong dollar demand from oil importers and weak equities.

* The demand from oil refiners, the biggest buyers of dollars in the local market, will remain a key factor before the month ends, traders said.

* At 0231 GMT, the MSCI index of Asian stocks ex-Japan was up 0.8 percent, while the Nifty India stock futures in Singapore were 0.6 percent higher, suggesting a strong start for local shares.

* Talks on a debt swap deal between the Greek government and private bond holders have been slow, but Prime Minister Lucas Papademos said negotiators had made "significant progress", with the aim of having a definitive agreement by the end of this
week.

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