The Indian rupee opened at 45.53 per dollar versus 45.51 yesterday. The currency to get some support today after its recent lows. Currency strategists have said that FII flows will be a key determinant on where the rupee is headed.
In an interview with CNBC-TV18, Naveen Mathur, Associate Director, Commodities & Currencies, Angel Broking gave his strategies on how to trade the rupee on the MCX and NSE. Below is a verbatim transcript. Also watch the accompanying video. Q: What is the in-house view on the dollar itself? Do you see it being expensive for the next several weeks, throughout January and maybe the February contract? A: That is right. The dollar looks to be the appreciating factor from here because the eurozone crisis and everything which may impact, if the revolution does not come in at the Finance Ministers meeting of eurozone, I think the euro would depreciate and thereby leading investment from the dollar side, relatively spend from the dollar side. Talking about the Indian rupee, we see a little depreciation coming as you rightly said the crude oil prices, the import bill and the FII outflow in the last couple of days or so is definitely impacting the rupee in terms of depreciation. We are seeing one month down the line kind of a depreciation of the rupee side. So the strategy for one month contract or 30 days or so, a little bit depreciation to buy the MCX or NSE contracts on the USD-INR between 45.45Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
