The rupee is likely to move in a range of Rs 46.80-95 per dollar this week. It might breach Rs 47 levels only if there is heavy intervention on behalf of the Reserve Bank of India or forward dollar buying by corporates.
Otherwise, piggybacking the euro, the local unit could touch Rs 46.70 levels. The euro has already breached 1.20/dollar levels and is expected to firm up further.
Last week was volatile with the rupee appreciating to two-year highs of Rs 46.90 per dollar basically due to the greenback
