USDINR may trade in 52.50-53.20 range in spot: Nirmal Bang
Nirmal Bang has come out with its report on currency. According to the research firm the likely range for USDINR pair to trade in spot is 52.50-53.20.
December 16, 2011 / 12:42 IST
Nirmal Bang has come out with its report on currency. According to the research firm the likely range for USDINR pair to trade in spot is 52.50-53.20.
The euro was poised to end its worst week in over a month on an upbeat note, elevated by broad short-covering in riskier assets after a well-bid Spanish bond sale and solid U.S. economic recovery. Sterling inched higher versus the euro on Thursday, hovering close to a near 10-month high hit in the previous session, and looked likely to benefit from any further signs that euro zone policymakers are struggling to tackle the region's debt crisis. Bund futures fell to a session low on Thursday after German purchasing managers' index data came in slightly above forecasts prompting some investors to adjust positions. The euro clung to modest gains against the dollar in early trading session today, having ended three straight sessions of losses after a Spanish bond sale attracted solid demand and upbeat U.S. economic data helped revived risk appetite.Dollar selling by India's central bank wrenched the rupee off the record lows hit on Thursday, enabling the local currency to snap a three-day losing streak, though worsening economic conditions made investors cautious about its near-term outlook. The rupee ended near the day's highs of 53.64/65 per dollar, marginally stronger than Wednesday's close but well above the record low plumbed in early deals. Offshore non-deliverable forwards were indicating further weakness, with the one-month rupee NDFs at around 54.18. The Indian rupee is expected to strengthen early today; a day after the central bank intervened to pull the currency off record lows and took steps to curb speculation in the forwards market. The likely range for USDINR pair to trade in spot 52.50-53.20.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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