Mumbai:The rupee is set to gain on Monday, thanks to oil hovering around $130 a barrel and higher Asian stock markets, which could underpin local stocks and revive inflows.
The partially convertible rupee ended at 42.76/77 per dollar on Friday, a shade stronger than Thursday’s close of 42.81/82 and its best close since 26June. It had hit a 15-month low of 43.50 earlier this month.
Asian stocks rose sharply after a smaller-than-expected loss at Citigroup provided comfort about the financial sector’s stability of more results this week from banks and industrial firms.
Oil is India’s biggest import and slide from record highs above $147 should ease concerns about a ballooning trade deficit.