Rupee opens 12 paise higher at 73.37 against US dollar

“USDINR (Spot) to quote in the range of 73.20 and 73.80,” brokerage Motilal Oswal Financial Services said.

iStock
On the domestic front, no major economic data is expected to be released but for the week FOMC policy statement will be importantly eyed.
The rupee on Tuesday opened 12 paise higher at 73.37 against the US dollar tracking gains in the domestic equity markets, easing crude oil prices and weakness in the dollar index.

On Monday, the local currency pared most of its gains in the latter half of the session following weakness in the domestic equities.

Market participants remained cautious ahead of the important inflation number that was released last evening.


Data showed inflation in August rose 6.69 per cent compared to a revised number of 6.73 per cent in the previous month.

Inflation has grown beyond the upper margin of 6 per cent set by the RBI thereby trimming hopes of a rate cut in the upcoming policy meeting.

On the domestic front, no major economic data is expected to be released but for the week FOMC policy statement will be importantly eyed.
ADVERTISEMENT

There are hopes that the central bank could maintain a dovish stance and keep dollar gains in check.

“USDINR (Spot) to quote in the range of 73.20 and 73.80,” brokerage Motilal Oswal Financial Services said.

Last week, the pound plunged against the US dollar but traded steady in yesterday's session after the UK government won an initial Parliamentary vote on its controversial bill to violate the Brexit deal with the European Union.

The PM won the so-called second reading vote on the bill that the EU says would collapse trade talks and propel the United Kingdom towards a messy Brexit. Today, from UK, market participants will be keeping an eye on the employment numbers and weaker-than-expected number could keep gains capped for the currency.
ADVERTISEMENT
ADVERTISEMENT
READ MORE

READ MORE:

LOGIN & CLAIM

50 TIMESPOINTS

More from our Partners

Loading next story
Text Size:AAA
Success
This article has been saved

*

+