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Rupee may appreciate above 58

May 26, 2014 16:01 IST

Rupee may appreciate above 58

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The rupee will be seen appreciating above 58 to the dollar this week due to dollar flows in domestic markets and government bond yields will be seen falling further on hopes that the new government will strive to bring down the fiscal deficit.

“This week, the rupee may appreciate above the 58 a dollar level. The broad trading range would be between 57.75 to 58.50 a dollar,” said the head of treasury with a public sector bank.

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Photographs: Reuters
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Rupee may appreciate above 58

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On Friday, the rupee ended at 58.51, compared with the previous close of 58.46 a dollar.

The rupee had ended marginally weak due to dollar buying by state-run banks on behalf of the Reserve Bank of India.

The rupee still rose 0.4 per cent for the week, posting its fourth straight weekly gain and its longest winning streak in 16 months on hopes the Bharatiya Janata Party-led National Democratic Alliance win would bring about a government willing to undertake substantial economic reforms and drive the nation towards the growth path.

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Photographs: Reuters

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Rupee may appreciate above 58

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On the other hand, government bond yields might fall as the street is hoping that the fiscal deficit for the current fiscal might be brought down by the new government.

“This week, the 10-year bond yields may trade between 8.50 per cent to 8.70 per cent,” said a government bond dealer with a state-run bank.

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Photographs: Reuters
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Rupee may appreciate above 58

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The yield on the 10-year government bond ended at 8.64 per cent on Friday, its lowest since January 22, compared with the previous close of 8.71 per cent.

Narendra Modi will be sworn in as prime minister on Monday at Rashtrapati Bhavan. The Street is also waiting to know who would be finance minister in Modi's government.


Photographs: Reuters

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