Thursday, 21 January 2016

Rupee rebounds, opens 7 higher at 67.88 per dollar


The USD-INR is expected to trade today in a range of 67.75-68.20/dollar, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee rebounded in early trade on Thursday after hitting a 28-month low in previous session.

The currency has opened higher by 7 paise at 67.88 per dollar against 67.95 Wednesday.

Mohan Shenoi, Kotak Mahindra Bank says current risk-off phase, concerns regarding Chinese slowdown, strong dollar, high dollar debts outside US and increased risk of dollar squeeze, widening credit spreads and plummeting oil and share prices could force the Federal Reserve not to implement another rate hike in March.

However, potential intervention from Bank of Japan and caution before European Central Bank meeting later today could temper the negative sentiment, he adds.

Shenoi expects USD-INR to trade today in a range of Rs 67.75-68.20/USD.

Also Read - Rupee may breach 69 if RBI doesn't intervene: CARE Ratings

The dollar fell to a more than one-year low against the Japanese yen as crude oil prices dropped near 13-year lows and risk appetite waned.
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Indian stock markets fell slightly last week. Bombay Stock Exchange (BSE), the 30-share benchmark index fell 0.08 per cent, or 19.38 points to close at 24435.66 on Friday. Similarly, the National Stock Exchange (NSE) 50-share sensitive index Nifty fell 0.21 per cent, or 15.35 points to close at 7422.45. Last week, 15 of the 30 Sensex stocks gained.

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