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Indian Rupee weakens marginally against US dollar on Friday

Indian Rupee weakens marginally against US dollar on Friday

The Indian rupee on Friday weakened marginally against the US dollar ahead of the key macro economic data due next week.The rupee opened at 64.28 a dollar. At 9.15am, the rupee was trading at 64.26, down 0.06% from its Thursday’s close of 64.21.The 10-year bond yield was trading at 6.534% compared to its previous close of 6.532%. Bond yields and prices move in opposite directions. On Wednesday, the Reserve Bank of India (RBI) kept key rates unchanged but cut its inflation forecast sharply. For the first half of fiscal year 2017-18 (April- September), CPI is now seen at 2.0-3.5% and for the second half at 3.5-4.5%. This marks a revision from 4.5% and 5.0% estimated earlier, respectively. Asian currencies were trading mixed. Philippines peso was up 0.15%, South Korean won 0.12%, Thai baht 0.09% and Indonesian rupiah 0.05%. However, Japanese yen was down 0.2%, China offshore 0.08% and Taiwan dollar 0.04%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.317, up 0.41% from its previous close of...
Rupee opens lower at 67.33 per dollar

Rupee opens lower at 67.33 per dollar

The Indian rupee opened lower by 6 paise at 67.33/dollar on Tuesday against previous close 67.27. Ashutosh Raina of HDFC Bank said, “The strong rally in $-INR has been halted by aggressive intervention. Expect the pair to trade in the 67-67.50/$ range in near term.” Yen held steady against the dollar on safe haven buying. The currency has gained more than 3 percent since the...
Rupee opens marginally higher at 67.50 per dollar

Rupee opens marginally higher at 67.50 per dollar

The Indian rupee opened marginally up at 67.50 per dollar on Friday against previous close of 67.52. Bhaskar Panda of HDFC Bank said, “We expect the $-INR pair to remain range bound today. The trading range for the USD-INR is seen between 67.50-67.70/dollar.” Pound is headed for a 2 weekly drop as traders mull the political fallout from the brexit vote, along with signs the Bank Of England may cut interest rates in the coming...

Rupee opens at 67.55 per dollar; up 13 paise

The Indian rupee opened higher by 13 paise at 67.55/dollar on Thursday versus 67.68 Wednesday. Kotak Mahindra’ Bank Mohan Shenoi said, “Consolidation is expected to continue in a choppy currency market. Rupee has recovered well post Britain exit vote and has settled in a range.” “Trading range for the day is seen at 67.30-67.60/dollar,” he said. The pound extended its advance from a 3 decade low as traders took advantage of the global market rout to go on a buying spree. The dollar index slips to 95...
Rupee gains 18 paise, opens at 67.77 per dollar

Rupee gains 18 paise, opens at 67.77 per dollar

The Indian rupee gained in the morning trade on Tuesday. It has opened higher by 18 paise at 67.77 per dollar against 67.95 Mon. Ashutosh Raina of HDFC Bank said, “The markets continue to be in a risk-off mode after the recent Brexit referendum. The USD index has moved to recent highs with most of major and EM currencies touching their recent lows.” He further added, “The USD-INR pair after briefly going above 68/dollar levels has settled below it on the back of some aggressive support from RBI. We expect the USD-INR pair to trade in the 67.50-68/dollar range in the near term.” The pound arrested its drop versus the USD amid signs the market may be taking a breather following the UK’s shock vote to leave the European union. All eyes on the 2-day EU leaders summit commencing later today. The US dollar index above 96...
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