The BSE Sensex surged to a record high as intraday charts blue chips rallied on the back of strong foreign buying. Foreign funds have intraday charts bought $16.5 billion worth of shares so far this year. The rupee which nifty intraday has been relatively stable over the last couple of months after having seen as much as 20 percent fall to a record low in late August has been boosted mainly by robust foreign fund inflows into the stock market. The euro fell to a two-week low nifty intraday against the dollar on Friday, extending losses into a fifth straight session as slowing euro zone inflation bolstered expectations of looser monetary policy from the European Central Bank. Financial markets will remain closed on Monday for a local holiday. The partially convertible rupee closed at 61.74/75 per nifty intraday dollar compared with 61.50/51 on Thursday. The rupee dropped to a nifty live three-week low on Friday while also posting its biggest weekly fall in two months as a sharp sell-off in the euro and broad rally in the greenback hurt amid the absence of any fresh domestic triggers. The bank also says importers should keep high FX hedge ratios in USD/INR in the short-term, expects exporters to remain sidelined until a record high of around 54.30 is tested The bank recommends USD-based investors nifty live in Indian assets maintain high short-term FX hedge ratios. The bank lowers its medium-term rating on nifty live the rupee to 'neutral' from 'overweight' as continued policy inertia lowers the possibility of sustained inflows. The USD/INR is facing choppy trading in the near-term, with another 2-3 per cent upside from current levels amid global uncertainty.
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