The Indian rupee is expected to open little changed on Wednesday and await direction from the stock market, where foreign funds have been pulling out in the wake of a slide in prices.
* The partially convertible rupee ended at 42.60/61 per dollar on Tuesday, half a percent weaker than Monday’s close of 42.40/41.
* The stock index, which fell on Monday and Tuesday, is down more than 21 percent this year, with foreign funds net sellers of $4 billion of Indian shares in 2008 and pushing the rupee down 7.5 percent since the start of January.
* In 2007, foreigners had more than $17 billion of shares and helped the rupee rise 12.3 percent.
* The dollar held onto big overnight gains on Wednesday and oil prices continued to inch down, giving some support to Asian stocks and helping them recover from fresh concerns over the impact of the credit crunch
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