Fund inflows to strengthen rupee (IANS Special)

By Rohit Vaid Mumbai, Nov 7 : Rising corporate fund inflows along with buoyant equities are expected to strengthen the Indian rupee in the coming week.
Analysts have predicted the rupee to range between 73.60 and 74.40 with a “appreciation bias” from last week’s band of 73.80 to 74.88.
“Increase in corona cases globally shall keep casting risk on markets, while vaccine development shall keep the hopes high. Besides, the US Fed’s vow to keep rates low should help market buoyancy,” said Sajal Gupta, Head, Forex and Rates, Edelweiss Securities.
“Another big announcement with regard to Reliance Retail stake sale shall help keep the rupee at a strong footing, and we expect these tranches flowing in at regular intervals for the next two months,” Gupta said.
Last week, the rupee closed at 74.08 to a greenback.
“We expect the rupee to halt its current bout of appreciation near the 74-mark and consolidate near that levels for the next week,” said Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities.