Rupee largely steady, stock market movements to be watched

The rupee inched marginally higher to 54.75/76 versus its previous close of 54.77/78 on some profit-taking in the dollar after a sharp rise in the previous session.

Trading, however, is expected to be choppy ahead of the crucial vote on foreign direct investment in multi-brand retail due on Wednesday afternoon which will be a critical determinant of the rupee's direction in the medium term.

Traders will watch the domestic sharemarket movement for direction during the day. Shares were trading down 0.15 per cent in opening deals.

Asian currencies are trading mixed versus the dollar.

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