INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 73.32 against the dollarThe rupee depreciated for the seventh straight session, edging lower by
currencies, slipped 0.04 per cent to 90.50.''The rupee depreciated for a 7th consecutive session against the United States dollar, as Asian
currencies were stable while oil fell a bit and the market was awaiting the outcome of the all-important FED meeting tonight
Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors.''The rupee may remain under pressure in the near term as oil prices rise
but depreciation should be in control as RBI has sufficient reserves to manage the same,'' added Mr Bhansali.''Soaring oil prices amid
demand outlook optimism and the fading prospect of Iranian oil returning to the market, led oil importers to rush to cover their USDINR
positions ahead of today's Fed meeting
So far, the rupee had been supported by the inflows pertaining to IPO's that flowed until yesterday
If inflows get standstill, we might see the rupee tilting on the depreciation side in the upcoming time,'' said Mr Amit Pabari, MD, CR
Forex.On the domestic equity market front, the BSE Sensex ended 271.07 points or 0.51 per cent lower at 52,501.98, while the broader NSE
Today, we also saw a big drag on the metal index due to a specific announcement from China on the increase of supply in commodities....As
the major trend of the market is positive, our advice is to add long positions, if the market falls to major supports in the short term,''
Brent crude futures, the global oil benchmark, rose 0.27 per cent to $ 74.19 per barrel.
