| Date: |
02-02-2013 |
| Subject: |
Indian rupee strengthens |
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MUMBAI The Indian rupee closed marginally stronger on Friday and strengthened for a fourth straight week with dollar inflows into the domestic share and debt markets boosting the local unit with traders now awaiting the US non-farm payrolls for direction.
The partially convertible rupee closed at 53.19/20 per dollar versus its previous close of 53.2150/2250. The pair moved in a wide range of 53.165 to 53.405 range during the day.
Foreign funds have bought more than $4.5 billion worth of shares and debt in January, helping the rupee gain 3.3 percent in the first month of 2013, making it the best performing Asian currency.
“I expect the rupee to trade with a positive bias next week on expected offer for sale issues attracting dollar inflows. The opening cues would be, however, from the non-farm payrolls data in the United States today,” said Vikas Babu Chittiprolu, a senior forex dealer at Andhra Bank.
“I expect the rupee to move in a 52.50 to 53.50 range next week,” he added.
Traders expect good dollar demand from all quarters of the market if the rupee tries to breach the 53 mark.
Source : omantribune.com
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