| Date: |
03-12-2013 |
| Subject: |
Indian rupee opens flat at 62.29 per dollar |
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Indian rupee opened flat at 62.29 per dollar on Tuesday as against previous day's closing of 62.31 per dollar.
Tirthankar Patnaik of Religare feels a sharp relief in Q2 would translate into a sub-3 percent current account deficit (CAD) for the fiscal. "Receipt of FCNR (B) deposits worth USD 26 billion, so far, should also reverse the deficit seen on the capital account in Q3," he adds.
However, he remains cautious on India's balance of payment and the rupee, particularly after the RBI shut the dollar window for oil marketing companies.
The yen remains on the back foot early in Asia, having succumbed to further selling pressure on prospects of more stimulus from the Bank of Japan.
The euro is a tad soft at 1.35/dollar and the dollar index inches towards 81 levels.
Source : moneycontrol.com
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