RUPEE EDGES LOWER; NO RBI ACTION SEEN
DATE: 27/04/2012
The rupee drops to 52.67 versus the dollar from 52.55/56 close on Thursday as lack of RBI action helps demand for dollars.
* Cross is up almost 8% from its 2012 low in early February.
* HDFC Bank says lack of RBI liquidity support will hit the rupee.
* "We expect the USD/INR pair to trade in the 52.00-54.00 range with an upside of 55.00 in 2Q2012 and an equilibrium range of 51.00-53.00 in 3Q2012," it said.
* But, levels of around 54-55 could prove to be a key threshold level, HDFC added.
* Foreign exchange reserves data due at 1130 GMT.
POWERED BY: MONEY CONTROL NEWS
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