USDINR likely to trade in 55.60-55.85 range: Nirmal Bang
Nirmal Bang has come out with its report on currency. According to the research firm, the rupee has largely been in a consolidation mode of late as investors await domestic GDP numbers and any hints of further quantitative easing from the US. The USDINR pair can trade in a range of 55.60-85 during the day.
August 30, 2012 / 11:01 IST
Nirmal Bang has come out with its report on currency. According to the research firm, the rupee has largely been in a consolidation mode of late as investors await domestic GDP numbers and any hints of further quantitative easing from the US. The USDINR pair can trade in a range of 55.60-85 during the day.
The Indian rupee posted a slight gain on Wednesday, continuing its range-bound trading ahead of economic growth data on Friday, while end-of-month oil-related dollar buying was offset by corporate selling of greenbacks. On Friday India will report April-June gross domestic product data, which is expected to show the economy remains in its deepest slump in nine years.The data comes during a time when the rupee 1-month implied volatility has been trading at near three-month lows. The relative calm could change given worries growth would fall below 5 percent, even as inflationary pressures remain. Reserve Bank of India Governor Duvvuri Subbarao said on Tuesday inflation remained too high and needs to fall further or risk more damage to the economy.The rupee has largely been in a consolidation mode of late as investors await domestic GDP numbers and any hints of further quantitative easing from the US. We continue to see extension of this trend for the day with some upward bias in USDINR pair. The pair can trade in a range of 55.60-85 during the day.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!
