RTRS: India rupee falls to 3-wk low; cbank policy awaited
MUMBAI, Oct 27 (Reuters) - The Indian rupee dropped to three-week lows just ahead of the quarterly monetary policy review on Tuesday as weaker Asian units and lower regional shares weighed on sentiment.
At 10 a.m. (0430 GMT), the partially convertible rupee INR=IN was at 46.87/88 per dollar, off an early low of 46.95, its lowest since Oct. 7 and 0.5 percent below its previous close of 46.645/655.
"The rupee has dropped in sync with the EUR/USD movement and overseas equity markets," Ashtosh Raina, head of foreign exchange trading at HDFC Bank said predicting a range of 46.70-47.10 during the day.
Asian currencies fell against the dollar. See [EMRG/FRX]. The dollar kept its footing on Tuesday after sharp gains the previous day, but made little progress higher as investor selling of stretched higher-yielding currencies and the euro paused. [USD/]
The Morgan Stanley index of Asian stocks .MIAPJ0000PUS ex-Japan was down 1.3 percent.
The second quarter review of Reserve Bank of India's monetary policy is due at 0545 GMT. The RBI is expected to keep its benchmark lending and borrowing rates on hold at the policy, a Reuters poll of 22 analysts earlier this month showed. [ID:nBOM432800]
