Indian rupee retraces losses against US dollar, outlook for next week 61.00/61.50

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OUTLOOK: Over the next week Indian rupee can continue to trade within the range of 61.00/61.50 on the down and 62.30/62.50 on the up on spot to the US dollar. OUTLOOK: Over the next week Indian rupee can continue to trade within the range of 61.00/61.50 on the down and 62.30/62.50 on the up on spot to the US dollar.
SummaryIndian rupee has retraced most of the losses it witnessed on Thursday against the US dollar.

Indian rupee has retraced most of the losses it witnessed on Thursday against the US dollar and is currently trading at 61.86/87 levels on spot.

Activity remains thin but in the morning exporter offers capped advance in the US dollar and a 0.6% gains in domestic equity also weighed on US dollar vs Indian rupee rate.

Major currencies like Euro and Pound got a shot in the arm today from a year-end balance sheet adjustment from the European banks. A stronger Euro and Pound had had a positive rub on the Asian and emerging market (EM) currencies, viz., the Indian rupee.

However, the US dollar has not yet seen steep losses as rising US 10-year yields and month-end oil demand is proving support closer to 61.80 levels.

OUTLOOK: Over the next week Indian rupee can continue to trade within the range of 61.00/61.50 on the down and 62.30/62.50 on the up on spot to the US dollar.

By Anindya Banerjee, Kotak Securities

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