Rupee to slip on high oil prices (IANS Currency Watch)

By Rohit Vaid Mumbai, March 14 : After sustaining its winning streak, Indian Rupee is expected to slip during the upcoming week on the back of high crude oil prices along with somber macro-economic data.
Accordingly, crude oil at over $68 per barrel is expected to exert pressure on the currency as well as stroke domestic inflation.
Last week, the rupee recovered from 73.95 to 72.60 per USD on the passage of a $1.9 trillion stimulus package in the US.
“Crude staying above $68 per barrel is a damper for rupee. A range from 72.55 to 73.25 can be expected for the coming week,” Sajal Gupta, Head, Forex and Rates at Edelweiss Securities told IANS.
“Nifty looks a bit wobbly on stretched valuations. Any close above 15,400 can lead to further strength in rupee but this looks less likely.” Besides, recently released inflation along with industrial production data are expected to dampen the rupee’s prospects.