USDINR likely to trade on negative note: Sushil Finance

Sushil Finance's report on Currency

USDINR

The Indian rupee ended at 63.5050/5150 per dollar versus its Thursday's close of 63.65/66 as losses in the dollar versus major currencies including the euro aided sentiment. Gains in domestic shares also helped.

The dollar fell to a three-month low against the euro on Friday, as disappointing data on U.S. domestic factory activity and consumer sentiment spurred doubts about the recovery in the world's largest economy.

Against a basket of six major currencies, the dollar fell for a fifth straight week, the longest stretch of declines in four years. The dollar index was last down 0.3 percent at 93.204.

On Friday, data on New York state manufacturing and readings on industrial output fell short of expectations, while a private gauge on U.S. consumer sentiment unexpectedly fell to its lowest in seven months in early May.

Outlook

USDINR is likely to trade on the negative note on the back of weaker than expected economic data from the US.

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