Rupee to dollar: Indian currency seen volatile at open, NDFs rally

May 16 2014, 09:02 IST
Comments 0
The Indian rupee posted its biggest single-day gain in nearly three weeks on Thursday. (AP) The Indian rupee posted its biggest single-day gain in nearly three weeks on Thursday. (AP)
SummaryIndian rupee, which closed at 59.29/30 per US dollar on Thursday -- its lowest level in about 10 months -- seen volatile as counting for India's general elections begins.

Indian rupee, which closed at 59.29/30 per US dollar on Thursday -- its lowest level in about 10 months -- seen volatile as counting for India's general elections begins.

The pair trading is at 59.24/26 in the spot NDF market in Singapore, compared with its New York close of around 59.40/41, according to a trader.

The Indian rupee posted its biggest single-day gain in nearly three weeks on Thursday on the back of sustained dollar inflows into domestic shares ahead of election results.

The pair is likely to trade in a wide band for the day, following moves in bonds and shares as the voting results start coming in, dealers say.

"Markets to be very volatile today, if the results are in line we can see some appreciation but a slight bit of disappointment could trigger a selloff," a trader at a domestic bank said.

Ads by Google

More from BANKING & FINANCE

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