Rupee may trade in 52.55-53 range: Karvy Stock Broking

Karvy Stock Broking has come out with its report on currency. As per the research firm rupee range for the day is seen between Rs 52.55-53.00.

Rupee on Friday closed with losses, as domestic equities and Euro also shared losses. Spot finally settled at 52.94 Nifty ended the week on a lower note falling for the final day of the week on profit booking at higher levels. The Nifty ended lower by 0.43% to close at 4714 The Dollar Index ended flat for Friday as well as for the week giving a closing at 79.93 On Monday, FII' were net sellers in Equities to the tune of 149 cr whereas they were buyers to the tune of 2789 cr in the Debt segment. The call rate closed higher to close at 9.77% as demand for short term money increased India's 10 year yields closed higher last trading session, they finally ended at 8.33% higher by 2 bps In the domestic currency markets the rupee pared losses against the GBP, Euro and Yen by 0.36, 0.46 and 0.41 percent respectively.

OUTLOOK
US and European stocks closed higher on Friday propelled by the better economic data from both the regions. The Asian equities are taking cues from the Global indices and are higher in morning trade. As almost all major markets are closed due to Christmas holidays there would lack of volatility in the market. The rupee is expected to open stronger today as signs of an improvement in the US economy should bolster global risk appetite and help capital flows into emerging markets such as India. These factors point to a positive opening for the rupee. On the Economic front, due to Christmas holidays there are no economic releases for today. For Today, we could expect the rupee to open higher on better economic and Global cues. However, demand for dollars from oil importers who usually make their payments at the close of each month will keep the rupee's gains limited. The range for the day is seen between 52.55-53.00

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