Indian Rupee opens weaker on Friday - ICICI Bank : Treasury Research

The Indian Rupee has opened weaker than yesterday's close at 59.75 levels and is trading mostly in a range currently. The RBI meanwhile has issued several notifications yesterday whereby the ECB all in cost ceiling of 350 bps over 6 m Libor for 3-5 years and 500 bps over 6m Libor for more than 5 years has been extended till September 30th this year.

All in cost ceiling for trade credit for imports has also been extended till September 30th. The ceiling currently is 350 bps over 6m Libor for all tenures. Markets will watch for the release of June trade data, which is expected to show a narrowing in deficit.

Technically USDINR is expected to trade in the range of 59.48-59.65.

Source : Equity Bulls

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