Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Indian rupee defies weakness in Asian and emerging market currencies, but hit by Turkey, Thailand

Dec 26 2013, 15:20 IST
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Indian rupee trades at 62.00 on spot, weaker by 0.31% against the US dollar. Indian rupee trades at 62.00 on spot, weaker by 0.31% against the US dollar.
SummaryIndian rupee trades at 62.00 on spot, weaker by 0.31% against the US dollar.

Indian currency markets are seeing thin liquidity conditions, as year-end approaches. With domestic equity market trading with smaller gains, the broad weakness of Asian and emerging market (EM) currencies against US dollar has not been able to trigger any meaningful weakness in the Indian rupee.

Indian rupee trades at 62.00 on spot, weaker by 0.31% against the US dollar.

However, higher US bond yields, which are approaching 3% mark and political unrest in Turkey and Thailand is having a negative effect on Indian rupee.

Oil importers were heard to be active today, buying dips in US dollar to Indian rupee.

For the Indian rupee, over the near-term, we expect a range of 61.50/70 and 62.30/50 levels.

By Anindya Banerjee, Kotak Securities

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