Monday, July 26, 2010
RUPEE AT OVER 1 WEEK HIGH : DOLLAR MOVES WATCHED
The rupee rose to its highest level in more than a week on Monday as dollar sales by some exporters in early trade helped, but traders will watch stocks and the dollar's moves versus majors for further cues.At 10:15 a.m. (0445 GMT), the partially convertible rupee was at 46.88/89 per dollar after hitting 46.8450, its strongest since July 16, and 0.1% above Friday's close of 46.94/95.
"I expect the dollar-rupee to be stopped at 46.80 today and see a 25 basis point hike in each repo rate, reverse repo rate and cash reserve ratio tomorrow."
The Reserve Bank of India is widely expected to raise key interest rates by 25 basis points at its policy review on Tuesday.
Rate hikes could temporarily hurt the rupee if stocks fall, but in the long run would help the currency gain on the back of strong capital inflows due to the interest rate differential between the advanced economies and India.
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