With shadow handles, Congress joins tweet bout

With shadow handles, Congress joins tweet bout

With Modi govt on its 100-day celebration drive, Cong has chalked out a counter blitz.
BJP playing dangerous politics: Omar

BJP playing dangerous politics: Omar

Omar Abdullah accuses BJP of dividing Jammu and Kashmir on religious lines

Indian rupee vs US dollar: Market to focus on govt fiscal deficit

Jan 01 2014, 19:03 IST
Comments 0
Indian rupee continues to trade within a very narrow range of 25/40 paise against the US dollar. Express Photo Indian rupee continues to trade within a very narrow range of 25/40 paise against the US dollar. Express Photo
SummaryIndian rupee continues to trade within a very narrow range of 25/40 paise against the US dollar.

Indian rupee continues to trade within a very narrow range of 25/40 paise against the US dollar. Over the last few days the pair has been oscillating between 61:70 and 62:30 levels.

In macro news, core sector growth for the month of November has slowed and fiscal deficit has come in higher than expected. Fiscal deficit for current FY has already touched 94% of the budgeted number, with 4 more months to be accounted for.

Going forward market will focus not just on whether govt manages to stick to 4.8% GFD or not but also on the quality and sustainability of the expenditure compression.

Over the remainder of the week, economic docket will slowly become heavy especially from US and European economies.

Volatility has collapsed in Indian rupee, US dollar trade to around 0.4-0.8% per day, close to levels seen during the Q1 of 2013.

Anindya Banerjee, Senior Manager, Broking-Currency Derivatives, Kotak Securities

NOTE: The views expressed are those of the author

Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...