SME Times is powered by   
Search News
Just in:   • Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia  • Europe facing earlier, stronger heatwaves: Climate scientist  • India and Namibia sign two MOUs in fields of health and entrepreneurship  • PM Modi arrives in Delhi after concluding 'productive and successful' 5-nation tour  • ASEAN to keep on consensus, inclusivity: Malaysian official 
Last updated: 11 Sep, 2021  

Rupee.9.Thmb.jpg 'Healthy macros, vax figures to strengthen rupee'

Rupee.9.jpg
   Top Stories
» Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
» Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact
» India and OPEC have a unique and symbiotic relationship: Hardeep Puri
» SIP inflows hit all-time high in June, total AUM for equity MF at Rs 74.41 lakh crore
» India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
SME Times News Bureau | 11 Sep, 2021
Healthy macro-economic industrial output, as well as, accelerated nationwide vaccination drive are expected to strengthen the Indian rupee in the coming week.

Accordingly, healthy macros are likely to attract foreign capitals to the equity markets on the prospects of faster economic growth.

However, the trend might be arrested on account of announcements related to tapering measures.

Experts opine that these announcements might drive away FIIs from India to more lucrative markets in the developed economies.

Lately, healthy FII inflows have perked-up India's stock markets and the rupee.

"Rupee is expected take cues from global markets and tapering news buildup," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.

"Domestic IIP and growth numbers were encouraging. Vaccination too is at a rapid pace. Dull IPO market during the last few weeks has slowed inflows a bit."

On a weekly basis, Rupee previously closed at 73.50 to a greenback.

"After a small bout of short-covering in the dollar last week, we expect the greenback to head lower this week. Weaker than expected softer economic numbers like jobs reports will entail that fed will be slower than earlier expected in tapering," said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.

"Strong economic growth numbers coming out of India, robust tax collections, and stimulus provided to exporters will help Rupee to strengthen in the coming week."

Furthermore, Vakil expects the rupee to remain in a narrow range of 72.9 to 74 in the upcoming week with a bias towards appreciation.

According to Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services: "Next week, on the domestic front, inflation numbers will be released and expectation is that the price could be sharper as compared to the previous month."

"Market participants will also be keeping an eye on the fund flow activity as it will be important to determine trend for the currency. At the same time, from the US, inflation, industrial production and retail sales number will be important to watch."

In addition, he cited that volatility in the US dollar has increased in the recent past and these economic numbers will provide further clarity on the state of the economy.
 
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
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter