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Rupee likely to trade up next week

Mumbai, Aug 05 (UNI) The Indian currency closed flat on the last trading day of the week, after it came down from the high of Rs 46.77 in the early trading, however it is expected to strengthen as the US Federal Reserve would sit for another meeting on Aug 8 to decide any hike in the interest rates, a trader in the money market said.

Rupee is likely to trade in the range of Rs 46.40 to 46.60/US Dollar, as the domestic markets are expected to improve their performance evoked by strong quarter one financials, and by tracking the weak US stocks, said the trader.

The six month forward premia and one year premia will trade flat in the range of 1.12 and 1.20 per cent respectively, the trader added.

The RBI Reference Rate will also hover in the range of Rs 46.40/US Dollar to Rs 46.60/US Dollar.

On the basis of the last two days performance of this week, it can be said that Indian Rupee's performance against other currencies would be mixed, it is expected to go down against Euro, and Pound Sterling and may go up against Japanese Yen, the money market trader added.

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