Rupee edges up; RBI policy in focus
Reuters Market Eye - The rupee is trading at 54.78/79 versus its previous close of 54.84/86 as traders await the Reserve Bank of India's policy decision at 11.00 a.m. for direction.
Markets are broadly positioned for a status quo at the policy review but a surprise rate cut can boost shares and indirectly hurt the USD/INR.
Asian shares edge up tracking overnight gains in U.S. stocks, as fresh signs of compromise maintain a new optimism that the U.S. "fiscal cliff" budget tussle could be settled before tax hikes and spending cuts begin to bite early next year.
USD/INR is seen moving in a 54.70 to 54.90 band until the policy review.
- Tweet this
- Share this
- Digg this
- Insight - In Yemen, al Qaeda gains sympathy amid U.S. drone strikes
- UPDATE 3-In landmark for EU, Ireland leaves its bailout behind
- UPDATE 2-Canada household debt-to-income ratio hits record high
- UPDATE 1-Would-be millionaires rush into 2nd-largest U.S. Mega Millions drawing
- Insight: In Yemen, al Qaeda gains sympathy amid U.S. drone strikes
The Sensex fell on Friday to mark its biggest weekly fall in nearly a month, as rate-sensitive stocks such as ICICI Bank fell on caution ahead of the RBI's policy review and the U.S. Federal Reserve meet next week. Article
Asia-Pacific M&A volume falls for third consecutive year, deal size grows. Full Article