Indian rupee gets Tesco, Vodafone boost, outlook 61:50/60 and 62:20/30

India rupee managed to stay ‘biddish’ all through the day on the back of positive cues from domestic and global markets.

Indian rupee was trading at 61:80/81 on spot basis. Indian stock markets closed in the green and Indian Sovereign bonds have also staged a recovery.

US Dollar is on the back foot against the majors, viz., Euro and Yen. A corrective rally in the Asian currencies since morning is also helping the Indian rupee. ?

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News of FIPB clearing the FDI proposal of Tesco and J&J and buyback proposal of Vodafone PLC is also a near term booster for Indian rupee.

Over the near term we expect a tight range of 61:50/60 and 62:20/30 on spot basis.

Anindya Banerjee, Senior Manager, Broking-Currency Derivatives, Kotak Securities

NOTE: The views expressed are those of the author