Overnight
we have seen a rally in the euro and the yen against the USD. However our own
market will continue to take cues from the domestic macros, said NS Venkatesh,
IDBI Bank.
As
trade flows get skewed more towards imports than exports, this cut put pressure
on the rupee, he added. According to him, along with this, the currency market
will keenly watch for cues from the equity market. He expects USD-INR to open
marginally higher at Rs 63.75/USD and trade between a narrow range of Rs
63.65-63.95/USD.
Meanwhile,
the upward movement on yields is due to the uncertainties of the continuance of
a rate cut, he feels. He expects the yields to open at par with yesterday at
7.72 percent and trade with a little bit of a hardening bias. "
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