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Strong support for a stronger rupee next week

Written by: Staff
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Mumbai, Apr 2: Rupee ended stronger by three paise at 44.62/63 per US Dollar, as compared to earlier week's close at 44.65/66.

With the US Federal Reserve hiking the Fed rate on Tuesday by 25 basis points to 4.75 per cent, the rupee dipped to a low of 44.7250/7350 on Wednesday and finally closed at 44.70/71.

However, the rupee bounced back to close at 44.62/63 on Friday on the back of robust foreign fund inflows in the equity markets.

It is likely to trade firm on Monday backed up by Rs 502.50 crore foreign fund inflow in the equity markets on Thursday.

Also, Rupee will be boosted by the Foreign Exchange Reserves (Forex) going up for the tenth week in a row by US dollar 2.503 billion to record USD 148.662 billion for the week ended on March 24.

However, the crude oil prices which have been on the rise touching a high of USD 66-67 per barrel might put pressure on the domestic currency.

UNI

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