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Rupee higher on hopes of custodial inflows

Source : REUTERS
Last Updated: Fri, Jul 05, 2013 04:28 hrs
Rupee, currency,currency note, forex

The rupee is higher in early trade as dealers expect custodial inflows, says dealers. The pair is at 60.08/10 versus last close at 60.13/14.

A dealer tips 59.70-60.30 band for session with upticks to be sold.

Asian currencies marginally weaker against the U.S. dollar.

Unilever's open offer for HLL, which closed on Thursday, likely resulted in inflows of $3.2 billion based on shares tendered, dealers said.

USD/INR 1-month NDF closed NY trade at 60.43-45 amid high volumes.



The U.S. dollar rallied broadly on Friday after the European Central Bank and the Bank of England blindsided markets with decidedly dovish policy guidance, leaving the U.S. Federal Reserve as the only major central bank with any inclination to rein back stimulus.

Foreign funds were net buyers of $27.45 billion in equities on Thursday, provisional exchange data showed.

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