Re to drift upward, be largely stable
The spot rupee is likely to strengthen this week due to good dollar inflows from non-resident Indians and foreign institutional investors. The currency is already ruling at a five-month high. The expected band for the rupee this week is 48.60-48.70 per dollar.
Dealers said dollar inflows from exporters will continue, but may not be as high as over the past couple of weeks.
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India Inc has brought most of its dollar holdings from abroad. Big corporates have brought in 75-80 per cent of their future dollar receivables.
The demand for dollar from importers