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Euro expected to quote in Rs 49.50-50.00 range

Euro, the common currency of the European Union, which became official at the stroke of intervening midnight of December 31, 1998-January 1, 1999, is expected to quote in the Rs 49.50-50.00 range against the rupee on January 4, when trading in the currency commences in the world's financial markets.

Markets in Europe, the US and Japan would open on January 4, after a three-day gap on account of New Year's and the weekend. Dealers expect the Euro to trade at 1.16/17 a dollar on January 4.

A prominent foreign bank quoted the Euro at 1.16673 a dollar on Thursday evening. A senior dealer at Corporation Bank said that Euro would open at 1.1730/40 a dollar on Monday. ''Going by these calculations, the Euro-rupee rate would be Rs 49.82,'' he informed.

UNI

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