USDINR may trade in 51.10-51.30 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 51.10-51.30.
January 17, 2012 / 12:06 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 51.10-51.30.
The euro extended gains against the dollar on Tuesday after China's fourth-quarter GDP growth came in at an annual rate of 8.9 percent, slightly above market expectations of an 8.7 percent rise. Sterling traded within sight of a near 18-month low against the dollar today and looked likely to stay on the back foot as investors concerned about the implications of euro zone ratings downgrades favoured the safe-haven U.S. currency. Gilts stabilised late on Monday in line with Bunds, after early followthrough buying in reaction to Standard & Poor's downgrade of euro zone ratings last week ran out of steam. Standard & Poor's downgrade of nine countries has added to the crisis facing the euro zone this year but the ECB will pursue determined action to counteract "market abnormalities", ECB governing board member Christian Noyer said on Monday.The Indian rupee reversed all early losses on Monday to end higher stoked by dollar inflows and boosted by a rebound in the local share market. The rupee settled at 51.36/37 to the dollar, 0.3 percent up from Friday's close of 51.5350/5450, after dipping to 51.79 in early trades. One-month offshore non-deliverable forward contracts were quoted at 51.76, indicating some weakness in the short-term in the onshore spot rate. The Indian rupee is seen opening little changed today and should trade with a positive bias on expectations for dollar inflows. The likely range for USDINR to trade in spot is 51.10-51.30.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 
Read More
Discover 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!
