Rupee likely to rise for 4th day on risk aversion

RUPEE-LIKELY-TO-RISE-FOR-4TH-DAY-ON-RISK-AVE:Rupee likely to rise for 4th day on risk aversion

 

MARKET EYE - USD/INR likely to extend gains for a fourth straight session tracking risk aversion on tepid U.S. jobs data, euro weakness; pair last Friday local trade at 55.42/43.

USD/INR 1-month NDF trading at 55.71 versus 56.24-29 NY close.

Euro plumbed a two-year low versus the greenback early on Monday, while high-beta currencies like the Australian dollar nursed losses with markets still smarting after tepid U.S. jobs growth dealt a blow to risk sentiment late last week.

Asian stocks in red with MSCI's Asia ex-Japan index down 0.9 percent; Nifty futures in Singapore down 0.4 percent.

Traders will also watch for RBI intervention after rumoured RBI dollar selling around 55.62 levels on Friday.