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Rupee seen higher on global risk rally
July 16, 2012 / 3:33 AM / 5 years ago

Rupee seen higher on global risk rally

An employee checks a 500 rupee note at a cash counter inside a bank in Agartala in this August 9, 2011 file photo. REUTERS/Jayanta Dey/Files

Reuters Market Eye - Rupee seen rising in early trade on Monday continuing its rise in the previous session after China’s latest growth data allayed fears of a steeper economic slowdown in the world’s largest consumer of raw materials. Pair last closed at 55.14/15.

Investors are anxiously watching clues from Federal Reserve this week on its stance over a stronger monetary policy to support the U.S. recovery.

USD/INR 1-month NDF at 55.13 as against NY close at 55.00-05.

Asian stocks trading with cuts with MSCI’s Asia ex-Japan index up 0.31 percent, Nifty futures in Singapore down 0.26 percent.

The euro and high-beta currencies like the Australian dollar started trading on Monday with a spring in their step, following a rally late last week in part on the back of diminishing worries about China’s economic health.

archana.narayanan@thomsonreuters.com

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