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Rupee to hover around 45 per US dollar mark

Written by: Staff
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Mumbai, Apr 30: Rupee closed stronger by 18 paise this Friday at 44.97/98 per US dollar as compared to the previous week's close of 45.15 as US Federal Reserve Chairman Ben Bernanake hinted towards a possible halt on interest rate hike.

Rupee is likely to keep firm when it opens on Monday on this count as exporters are expected to offload US dollar in the market thinking rupee won't weaken further in near terms.

Rupee thus could hover around 45 per US dollar mark on Monday.

Consistent addition in the foreign exchange (forex) reserves added to rupees strength and further 2.7 billion US dollar added to the forex reserves to more than 157 billion dollar during the week ended on April 21 will also keep rupee firm next week .

However, the foreign fund inflow in the equity market has not been quite satisfactory during the week, which may put pressure on the rupee if there is a sharp dip in the stock market.

Another worrying factor for the rupee would be the highest ever level of the crude oil price last week, which touched a high of USD 74 per barrel and hovered above USD 70 per barrel during the week.

Seeing large imports of around 70 per cent of total crude oil requirements in the country, rupee will be under pressure due to soaring crude oil price in the global markets.

UNI

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