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Rupee to slip on high oil prices
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IANS | 14 Mar, 2021
After sustaining its winning streak, Indian Rupee is expected to slip
during the upcoming week on the back of high crude oil prices along with
somber macro-economic data.
Accordingly, crude oil at over $68
per barrel is expected to exert pressure on the currency as well as
stroke domestic inflation.
Last week, the rupee recovered from 73.95 to 72.60 per USD on the passage of a $1.9 trillion stimulus package in the US.
"Crude
staying above $68 per barrel is a damper for rupee. A range from 72.55
to 73.25 can be expected for the coming week," Sajal Gupta, Head, Forex
and Rates at Edelweiss Securities told IANS.
"Nifty looks a bit
wobbly on stretched valuations. Any close above 15,400 can lead to
further strength in rupee but this looks less likely."
Besides, recently released inflation along with industrial production data are expected to dampen the rupee's prospects.
The
retail inflation, measured in Consumer Price Index (CPI) rose to 5.03
per cent in February from January's rise of 4.06 per cent.
India's
factory output, measured in terms of the Index of Industrial Production
(IIP), witnessed a contraction of (-)1.6 per cent in January.
"Somber
economic data will put pressure on Indian currency, though we expect
dollar supply to come in near 73.3 level. The pair has support near
72.26," said Devarsh Vakil, Deputy Head of Retail Research at HDFC
Securities.
According to Rahul Gupta, Head Of Research-Currency,
Emkay Global Financial Services: "Market attention now turns to the US
Federal Reserve's meeting next week, focusing on any comments about
rising yields."
"On the technical front, a bearish divergence is
observed in USDINR daily chart, so we expect the trading range to be
72.25-73.25."
In addition, a slew of upcoming IPOs can limit the rise in the USDINR spot prices.
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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 13 Aug, 2022 |
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