Indian currency markets are seeing thin liquidity conditions, as year-end approaches. With domestic equity market trading with smaller gains, the broad weakness of Asian and emerging market (EM) currencies against US dollar has not been able to trigger any meaningful weakness in the Indian rupee.
Indian rupee trades at 62.00 on spot, weaker by 0.31% against the US dollar.
However, higher US bond yields, which are approaching 3% mark and political unrest in Turkey and Thailand is having a negative effect on Indian rupee.
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Oil importers were heard to be active today, buying dips in US dollar to Indian rupee.
For the Indian rupee, over the near-term, we expect a range of 61.50/70 and 62.30/50 levels.
By Anindya Banerjee, Kotak Securities
