The range for rupee for the day is seen between 59.50-60.75/dollar. Rupee appreciation will depend on quantum of capital flows. But in case FIIs pump in huge cash before election outcome, the rupee may possibly breach 60/USD and approach 59/USD. The fact that the reserves have moved up significantly in the last two or three weeks implies that, possibly, this opportunity has been used by the RBI to shore up reserves. Whether FII flows particularly in equity will continue in the foreseeable future, would also decide, and is possibly one of the reasons why currency will stay in and around 60/USD.
Today’s Headlines
1) Japanese shares sank to six-month lows on Friday as an escalating selloff on Wall Street spread to Asia and slugged markets that had been fairly resilient up to now.
2) The dollar is on track for its biggest weekly falls in nine-months early on Friday, having given up all of its recent gains as markets become increasingly convinced that any interest rate hike by the Federal Reserve is still a long way off.
Read detail analysis report here: - http://www.rrfinance.com/reserch/MorningBell/Cr_MorningBell.pdf
Today’s Headlines
1) Japanese shares sank to six-month lows on Friday as an escalating selloff on Wall Street spread to Asia and slugged markets that had been fairly resilient up to now.
2) The dollar is on track for its biggest weekly falls in nine-months early on Friday, having given up all of its recent gains as markets become increasingly convinced that any interest rate hike by the Federal Reserve is still a long way off.
Read detail analysis report here: - http://www.rrfinance.com/reserch/MorningBell/Cr_MorningBell.pdf