* Rupee ends at 60.14/15 per dlr vs 60.11/12 pvs close
* Caution ahead of minutes of FOMC March meeting
By Archana Narayanan
MUMBAI, April 9 The Indian rupee ended a touch
weaker on Wednesday despite domestic shares hitting record
highs as caution prevailed ahead of the release of minutes from
the U.S. Federal Reserve's March meeting.
Foreign investors have been active buyers of debt and
equities since March, and net purchases in April alone have
already totalled $933.67 million, according to the market
The rupee had touched an eight-month high of 59.5950 on
April 2, before giving up some gains, with the Reserve Bank of
India also suspected of having bought dollars to replenish its
foreign exchange reserves.
"The market expectation broadly is that the FOMC minutes
will be less hawkish than the press conference in March," said
Nizam Idris, a strategist with Macquarie Capital in Singapore.
The partially convertible rupee closed at 60.14/15
per dollar compared with 60.11/12 on Monday. Financial markets
were closed on Tuesday for a local holiday.
The rupee rose to the session high of 59.80 as the BSE index
rose as much as 1.77 percent to an all-time high of
22,740.04, while the NSE index rose as much as 1.7
percent to a record high of 6,808.70.
However, gains were capped ahead of the Fed's minutes given
continued concerns about when the central bank will start to
raise interest rates as it unwinds its asset-purchase programme.
Some dealers also cited dollar buying by state banks for
In the offshore non-deliverable forwards, the
one-month contract was at 60.62, while the three-month was at
FACTORS TO WATCH
* Dollar recovers, central banks seen buying euro
* EMRG stocks hit 4-mth pk, outpace developed markets
* Europe rides rebound in risk appetite, EM shine
* Foreign institutional investor flows
* For data on currency futures
DIARIES & DATA:
Indian Data Watch European diary
Indian diary US Diary
(Editing by Joyjeet Das and Anand Basu)