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Rupee Higher; Headed For Second Weekly Gain

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The rupee is higher at 62.30/31 versus Thursday's (28 November) close of 62.41/42 on weakness in the global dollar. India to release September-quarter GDP data with the economy expected to show marginal pick-up in growth.

Pair headed for a second week of losses, down 0.9 per cent; however, on a monthly basis, it is up 1.3 per cent. Month-end oil-related dollar demand will keep the pair bid.

The central bank's special FX swap windows, which have garnered over $25 billion, will close in end-November, leading to some jitters on flows.

The pair may be in a 62-62.50 range during the session. Foreign funds were buyers of $16.5 million in Indian equities on 28 November, provisional data showed.

Asian currencies are mostly trading firmer.

The euro rose to a five-year high against the yen on 29 November, as the Japanese currency faced heavy pressure on expectations it will be used as the funding currency of choice for carry trades given Japan's commitment to easy monetary policy.

(Reuters)
 


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