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Feb 26, 2013, 10.18 AM IST | Source: Moneycontrol.com

USDINR may trade in 53.90-54.30 range: Nirmal Bang

Nirmal Bang has come out with its report on USDINR. According to the research firm, the USDINR pair is seen moving in a 53.90-54.30 range initially in the session with dollar demand from oil firms likely to limit gains.

Nirmal Bang has come out with its report on USDINR. According to the research firm, the USDINR pair is seen moving in a 53.90-54.30 range initially in the session with dollar demand from oil firms likely to limit gains.

The Indian rupee strengthened to its highest level in over a week on Monday, boosted by dollar sales by custodian banks, positive sentiment ahead of the upcoming federal budget and heavy dollar selling in the non-deliverable forwards market.

Net inflows into the country's equity market have been a key determinant of the rupee's fortunes in recent years. Foreigners have so far this year bought $8.4 billion worth of local shares after purchasing $24.55 billion in 2012. However, continued dollar demand from oil refiners, the largest buyers of dollars in the domestic currency market, to meet month-end import commitments limited further gains in the rupee.

Rupee is expected to open weaker compared with its close of 53.86/87 on Monday on the back of a global risk-off following the gridlock in the Italy elections. Asian shares fell, taking their lead from overnight plunges in global equities. The pair is seen moving in a 53.90 to 54.30 range initially in the session with dollar demand from oil firms likely to limit gains.

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READ MORE ON  Nirmal Bang, USDINR, rupee

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