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Rupee likely to open in the range

Written by: Staff
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Mumbai, Apr 16: Rupee will be opening in the range due to more than USD 2.5 billion addition in the India's foreign exchange to record USD 154 billion for the week ended on April 7 as per the Reserve Bank of India(RBI) data released on Friday.

Last week rupee turned volatile on Thursday touching a four month low of 45.40 per US dollar on the back of heavy selling pressure in the equity markets.But rupee closed flat at 45.18/19 as stock markets recovered partially later during the day.

However, the worry of foreign fund outflow due to last week's selling in the Indian equity market will keep rupee under pressure.

Foreign Institutional Investors(FIIs) have been selling in the cash and future markets during the last three trading sessions leading to a total outflow of Rs 1,583 crore.

While Thursday's figure are awaited, on Wednesday the FIIs sold stocks worth Rs734.80 crore.

The crude oil prices too will be watched closely as global crude oil prices ruled over USD 69 per barrel last week and Indian basket of crude prices to went above USD 66 per barrel.

UNI

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