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'Healthy macros, vax figures to strengthen rupee'
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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.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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