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Apr 25, 2012, 12.45 PM IST | Source: Moneycontrol.com

Rupee may trade in 52.60-53.05 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 52.60-53.05/USD.

Karvy Stock Broking has come out with its report on currency. As per the research firm, rupee range for the day is seen between 52.60-53.05/USD.

Indian rupee continued its fall on Tuesday after remaining volatile throughout the day. The rupee declined despite positive equities and Euro. The demand from importers was the major reason for the fall. The rupee spot ended the day at 52.67 Nifty gained on Tuesday supported by better earnings from IT major TCS, which climbed 13% as earnings beat estimates. It ended the day at 5222.65 levels The Dollar Index closed lower after the Euro lost ground following Monday’s sell off. It finally settled at 79.27 level The call rate closed slightly lower at 8.35% as demand for short-term money remained lower India’s 10-year yields rose marginally higher in the last trading session, finally ending at 8.57%, up 1 bps In the domestic currency markets, the rupee lost against the GBP, EUR and JPY by 0.79, 0.58, and 0.21 percent, respectively.

OUTLOOK: Asian markets on Wednesday morning snapped a four-day drop as corporate profits in the US and Asia beat estimates. Apple reported earnings yesterday that almost doubled the last quarter. On the currencies front, the yen weakened following stronger equities. SGX Nifty is trading slightly lower by 15 points, tracking other peers. These factors point to a positive opening for the rupee. On the economic front, in the US, all eyes would be on the FOMC rate decision today and the press meets following the event. The Fed is expected to keep the rates unchanged at 0.25%. From the Euro-zone, we don’t have any major releases for the day.

Today, the rupee is expected to remain under pressure from weaker domestic equities, and further on domestic concerns and FIIs pulling out funds. The month-end demand will also keep pressure on the rupee. The likely price range for the day is seen as Rs/US$ 52.60-53.05.

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