Rupee in tight range ahead of U.S. jobs data; large Power Grid flows

Reuters Market Eye - The rupee is trading in a very tight range of 61.59-61.70 ahead of U.S. nonfarm payrolls.

Huge FII inflows due to Power Grid share sale, have bid for shares worth $2.7 billion, as per exchange data.

"I expect some profit-booking, which may pull the rupee to 61.90 by evening," says dealer.

State poll results due on Sunday. A strong showing by the opposition Bharatiya Janata Party will be viewed as an endorsement for its prime ministerial candidate Narendra Modi, who is perceived as business-friendly and may lead to INR gains.

The pair's daily close below 61.9 is a sell signal.

 

The pair headed for a third week of losses, down 1.2 percent.

(Reporting by Subhadip Sircar)