Rupee higher; headed for second weekly gain Reuters Market Eye - The rupee is higher at 62.30/31 versus Thursdays close of 62.41/42 on weakness in the global dollar. India to release September-quarter GDP data with the economy expected to show marginal pick-up in growth. Pair headed for a second week of losses, down 0.9 percent; however, on a monthly basis, it is up 1.3 percent. Month-end oil-related dollar demand will keep the pair bid. The central banks special FX swap windows, which have garnered over $25 billion, will close in end-November, leading to some jitters on flows. The pair may be in a 62-62.50 range during the session. Foreign funds were buyers of $16.5 million in Indian equities on Thursday, provisional data showed. Asian currencies are mostly trading firmer. The euro rose to a five-year high against the yen on Friday, as the Japanese currency faced heavy pressure on expectations it will be used as the funding currency of choice for carry trades given Japans commitment to easy monetary policy.
Posted on: Fri, 29 Nov 2013 05:04:42 +0000