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Rupee Off Highs Expected To Stabilise

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Rupee is off highs as oil-related buying kicks in, but it is still headed for a third consecutive session of gains.


It is expected to stabilise this week, after hitting a string of record lows against the dollar, while bond yields are seen range-bound after recent slight falls.


Trader tips USD/INR to trade at 54.90-55.30 for session. Rupee rose to as high as 55.01 earlier, almost breaking below the 55-level for the first time since May 22. Consolidation period expected after USD/INR hit seven consecutive record highs in the previous two weeks.


Traders waiting for details of this week's debt sale, due later on Monday, and whether India announces another open market operation.


In data front, fourth quarter GDP numbers due to be announced on May 31.


USD/INR is expected to hold in 54.40-56.00 band this week, traders say, with global risk sentiment key for direction.


The 10-year bond is expected to hold in 8.45-8.55 percent range this week, traders also say.

RBI Governor Duvvuri Subbarao to speak at a central bank event on Tuesday. Several deputy governors are also attending events.


(Reuters)


Tags assigned to this article:
rbi finance gdp news 4 oil markets dollar rupee duvvuri subbarao traders