Nirmal Bang has come out with its report on currency. According to the research firm, the USDINR pair is expected to trade in a range of 52.70-53.20.
Indian rupee retreated from an over three-and-a-half month high to end marginally lower on Wednesday as continued weakness in local stocks and oil refiner demand to meet crude payments outweighed dollar inflows ahead of the government's stake sale in a state-run utility.
Onshore dollar premiums rose to their highest in 14 years as foreign funds hedged their spot inflows in the forwards markets as the country gears up to raise around $2.25 billion in a share sale in NTPC Ltd. The weakness in the euro against the dollar also weighed ahead of a European Central Bank meeting, while the rupee was also pressured by outflows related to gas utility.
Investors are awaiting for Advance GDP estimates for 2012/13 which are scheduled to be released today for possible future policy signals. A positive GDP estimates would lead to further appreciation in rupee, the USDINR pair is expected to trade in a range of 52.70-53.20. 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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