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Rupee likely to trade in the range of 45.00 to 45.10/USD

Written by: Staff
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Mumbai, May 13: Rupee is likely to be under pressure due to foreign fund outflow and higher crude oil prices.

Rupee closed at 45.04/05 per USD yesterday following weakness of the US dollar versus other global currencies. Rupee thus will track dollar's performance in the global markets.

The huge selling in the equity markets by the foreign institutional investors(FIIs) amounting to Rs 1,199 crore on Thursday as well as the assumed selling yesterday - when BSE Sensex dipped by 150 points - is likely to have negative impact on rupee.

The higher crude oil prices in the range of USD 72-73 per barrel will also put pressure on rupee, due to huge import related dollar demand.

However, rupee may trade in the range of 45.00 to 45.10 per US dollar encouraged by handsome gain of USD 1.736 billion in the foreign exchange reserves, which went up to USD 162.413 billion, for the week ended May 5, 2006, as per the weekly statistical supplement released by the Reserve Bank of India(RBI).

The likely comeback in the stock markets might strengthen the Indian currency.

UNI

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