Cong Asks Govt To Launch Diplomatic Offensive

FOREX Market

A broad range for the rupee to trade next week is 43.45-43.55. Last week for the first time in many weeks saw the spot slipping past the 43.45 level due to heavy buying by the State Bank of India and some other large nationalised banks for corporate customers.

However, dealers see this as a temporary phenomenon and one, which is unlikely to have any big impact on the rupee in the following week. There could be some bunching up of import demand due to Y2K fears, say dealers. However, the rupee is unlikely to cross 43.50 level since export selling would come in at that point, said a dealer at a private bank.

Swaps will stay range bound. Within the past week, they too have strengthened somewhat, as the rupee weakened. But the high levels of liquidity mean that there is l