- Indian rupee falls, on course to end 2013 as one of Asia laggardsIndian rupee falls six paise to 61.91 against US dollarIndian rupee up 5 paise against US dollar on last trading day of 2013In Indian rupee terms, BSE Sensex up 9.1 pct, but in US dollar terms, it's down 3.1 pct in 2013
India rupee managed to stay 'biddish' all through the day on the back of positive cues from domestic and global markets.
Indian rupee was trading at 61:80/81 on spot basis. Indian stock markets closed in the green and Indian Sovereign bonds have also staged a recovery.
US Dollar is on the back foot against the majors, viz., Euro and Yen. A corrective rally in the Asian currencies since morning is also helping the Indian rupee. †
News of FIPB clearing the FDI proposal of Tesco and J&J and buyback proposal of Vodafone PLC is also a near term booster for Indian rupee.
Over the near term we expect a tight range of 61:50/60 and 62:20/30 on spot basis.
Anindya Banerjee, Senior Manager, Broking-Currency Derivatives, Kotak Securities
NOTE: The views expressed are those of the author