Rupee seen rising to 54 or higher by Dec - RBS survey
Reuters Market Eye - The rupee is likely to rise to 54 or higher by December and to rise further to 53 by March 2013, according to an RBS survey of over 130 market participants.
Positioning wise, about 58 pct of market participants believe that USD/INR is trading neutral, while 27 pct believe the market is short.
Around 25 percent of respondents are looking to sell the USD/INR on upticks, with 19 percent are looking to buy the cross when it trades lower.
Most participants also expect the repo rate will be cut by 50 bps by March 2013.
Respondents expect the 10-year benchmark yield to fall to 7.90 percent by December and to 7.85 percent by March, the RBS survey also shows.
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The BSE Sensex ended up slightly on Monday after rising to a record high for a third consecutive session as strong foreign buying continued to boost domestic-focused shares such as those of HDFC Bank, but momentum waned as exporters slumped on a stronger currency. Full Article