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Rupee Rises To 82.20 On A Weaker Dollar After UK's Fiscal Policy U-Turn
Rupee Today: The domestic currency gained to 82.20 per dollar The rupee gained on the dollar on Tuesday, driven by a broader risk-assets rally after a dramatic U-turn in British fiscal policy brightened investor sentiment. "The rupee to remain in a range of 82.00 to 82.50 (per dollar) as the Reserve Bank of India sits on 82.40 selling dollars and not allowing a move beyond this level since the rupee's record low of 82.68," he added. After a storm comes a calm, and prolonged calmness is an indication of an upcoming storm," he said. "We reiterate, until the global turmoil eases out and the trend changes across, pressure on the rupee will remain bound though in lag, and the pair are set to move towards 83.00-83.50 levels in a couple of days," added Mr Pabari. However, its success may be limited, Shinichiro Kadota, a Senior FX Strategist at Barclays in Tokyo, told Reuters. Source: NDTV #Rupee
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