Thursday 17 July 2014

Short-Term View on INR

Rupee ended the session flat on Wednesday as the dollar strength overseas and greenback buying by state run banks were offset by gains in local shares. The rupee also failed to move significantly after data showed exports in June rose 10.22 per cent from a year earlier and overall analysts called the numbers mixed. A major reaction to the trade deficit data was not expected as the numbers were positive on certain fronts and negative on some others. The rupee expected to continue trading in a narrow range until new cues come in. 




The rupee continues to be weighed down by dollar demand from state-run banks for oil and defense related payments and by gains of the US currency overseas following a comment by Federal Reserve head Janet Yellen that US rates could rise sooner if employment numbers continued to improve. The partially convertible rupee ended at 60.12/13 per dollar, unchanged from the Tuesday closing. 

0 comments:

Post a Comment