SME Times is powered by   
Search News
Just in:   • Need to leverage demographic dividend: Naidu  • Samsung hopes S21 series to boost smartphone sales in 2021  • IRFC IPO to open on Monday in Rs 25-26 per share price band  • Rising trade deficit to dampen rupee's prospects  • Bank lending to manufacturing muted in Oct: RBI 
Last updated: 08 Nov, 2020  

Rupee.9.Thmb.jpg Fund inflows to strengthen Rupee

Rupee.9.jpg
   Top Stories
» Need to leverage demographic dividend: Naidu
» Rising trade deficit to dampen rupee's prospects
» Bank lending to manufacturing muted in Oct: RBI
» 'Lot to be done to reposition India in global textile value chain'
» Disruption, diversification two big USPs of Indian start-ups: Modi
SME Times News Bureau | 08 Nov, 2020
Rising corporate fund inflows along with buoyant equities are expected to strengthen the Indian rupee in the coming week.

Analysts have predicted the rupee to range between 73.60 and 74.40 with a "appreciation bias" from last week's band of 73.80 to 74.88.

"Increase in corona cases globally shall keep casting risk on markets, while vaccine development shall keep the hopes high. Besides, the US Fed's vow to keep rates low should help market buoyancy," said Sajal Gupta, Head, Forex and Rates, Edelweiss Securities.

"Another big announcement with regard to Reliance Retail stake sale shall help keep the rupee at a strong footing, and we expect these tranches flowing in at regular intervals for the next two months," Gupta said.

Last week, the rupee closed at 74.08 to a greenback.

"We expect the rupee to halt its current bout of appreciation near the 74-mark and consolidate near that levels for the next week," said Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities.

"On the upside, 74.4 will act as a resistance," Vakil added.

Besides, analysts said that an early outcome of the US presidential elections will buoy sentiments.

On the domestic front, market participants will keep an eye out for the inflation and industrial production numbers.

According to Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services: "Expectation is that inflation could inch higher and that could keep rupee gains in check. At the same time, volatility for the rupee has been curtailed as the RBI has been intervening to curb any major appreciation or depreciation of the currency.

"Investors will be awaiting for more clarity on the US presidential election results and that could trigger volatility for major crosses."

In addition, Somaiya expects the rupee to trade positive against the US dollar and quote in the range of 73.50 and 74.50.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 18 Jan, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» 'Ageing of India's workforce not favourable for strong recovery'(1)
» MSME Budget expectations(1)
» FM to present Budget on Feb 1(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter