Indian rupee & US dollar are likely up on record deficit | Bunched-up flows are Observed

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dollar and rupee

US dollar and Indian rupee is likely to open higher around 54.35 levels versus 54.28/29 Thursday close, primarily driven by the record current account deficit (CAD) in India in the December quarter.

* But the pair may slip as bunched-up flows over the weekend. In addition to that, some negative news on US dollar may have some impact on the opening, says one of the chief dealers with a private bank.

* Indian Forex markets were shut on Friday and Monday for holidays.

* The pair tipped to be in a 54.20-54.60 band for the session.

* The Nifty India stock futures traded in Singapore are currently trading down at 0.18 percent, while the MSCI’s Asia ex-Japan index is 0.25 percent higher.

* The yen shot to a one-month high against the dollar on Tuesday after softer-than-expected US manufacturing data prompted investors to sell the greenback.

* India said on Thursday that it would do what was needed to tackle its current account deficit, after heavy oil and gold imports together with muted exports drove the gap to a record high in the December quarter.

Courtesy

Indian Express

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