India Forex Exchange : Range for Dollar-Rupee between 45.80 and 45.25
Written by admin on March 8th, 2010 in India Forex Exchange.
India Monday 8 March 2010 - Post-Budget 2010-11, the rupee has gradually appreciated over last week on the back of (a) positive reaction to the Budget by equities market and (b) reducing nervousness about Greece’s deficit problems in global currency markets.
With the important US non-farm payrolls data out of the way, which has come robust despite weather problems in February, we expect the rupee’s gradual pace of appreciation to continue over this week.
Assuming no fresh bout of risk-aversion news from the global markets, we expect spot rates to test the low seen in early January.
This week, the move will be supported by the likely participation of international investors in the large NMDC IPO. No specific large movements are expected in any of the major currencies this week as global data release is light with only likely market-moving data being the US advance retail sales and University of Michigan Confidence index, due on Friday.