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Rupee may range between 47.30-48: Pinnacle Forex

On Tuesday, the rupee ended higher at Rs 47.77 per USD as against its previous close of Rs 47.91 per USD.

According to N Subramaniam, Pinnacle Forex, the abundant dollar liquidity is likely to cap the dollar rally against all currencies. This may support the rupee to stay within a range. The range for the day is seen between Rs 47.30-48.00 per dollar.

FOREX:Ringgit Likely To Trade Rangebound Next Week

The ringgit is expected to trade rangebound against the US dollar next week as investors are monitoring closely the movement of global economy, dealers said.

According to them, the local currency is expected to move between the 3.49 and 3.53 level against the greenback next week.

"The ringgit has potential to rise but if it did, it is not expected to breach the 3.53 level," one of the dealers said.

She said that throughout the week, the ringgit gained from the US dollar's weaknesses.

During the week, the ringgit was traded rangebound against the greenback but it strengthened during the last two days of the working week on concerns over the US government's growing debt.

On Thursday, Standard & Poor's lowered the United Kingdom's AAA outlook from "stable" to "negative" due to the government's deteriorating finances under the current economic climate.

"The news sparks fears among investors that the United States may face the same predicament," the dealer said.

On a week-to-week basis, the ringgit was higher against US dollar at 3.4900/4950 compared with the previous Friday's 3.5470/5520.

The local currency appreciated against the Singapore dollar to 2.4112/4168 from 2.4170/4226 last Friday and also against the Japanese yen to 3.7072/7130 from 3.7282/7350 previously.

Against the British pound, the ringgit weakened to 5.5173/5259 from 5.3858/3948 last Friday and it also went down against the euro to 4.8686/8769 from 4.8072/8151 previously.

Rupee windfall awaits Ranbaxy in Q2

The rupee’s appreciation this week has come as a welcome reprieve for Ranbaxy Laboratories, the country’s largest drug maker, which finds itself

Malvinder Mohan Singh

saddled under huge mark-to-market forex losses. Ranbaxy chairman Malvinder Mohan Singh told ET Now in an exclusive interview that the company will be able to wipe out its forex losses this quarter and head back towards profitability. Excerpts from the interview.

Ranbaxy posted losses of over $150 million in the last quarter due to the mark-to-market hit on forex derivative contracts. What will rupee appreciation mean for you?

There are two key data points. If you look at our December 2008 results, we took a mark-to-market hit when the rupee was at 48 and in the March quarter of 2009 we took a mark-to-market loss when the rupee was at 50.50 to the dollar. Today, the rupee is at sub-48 levels. If the rupee remains at this rate as we go towards end of June and finish our second quarter, we will see us being able to write back as profits all the losses we had taken in the first quarter of 2009. If the rupee remains below 48, we will also be writing back some of the losses from December 2008 in the June quarter of this year and going forward.

What is the quantum of losses that you will write back as profits in the next quarter?

We had approximately $150 million of pre-tax forex losses in the first quarter of 2009. With the rupee at 48, that is the very least we will write back though the figure could be much higher depending upon how the rupee moves.

In dollar terms, revenues have dropped nearly 31% quarter-on-quarter in the US. What steps are you taking to revive US sales growth and what is your strategy to mitigate the impact of the US FDA ban?

If you look at the US market, the impact is because of the ongoing issues with the US FDA and the fact that we are not being able to supply key products out of our Indian facilities at Paonta Sahib and Dewas. What we have been doing is trying to move some of those products into our US facilities and also other people’s facilities which are FDA approved.