Rupee opens nearly 15 paise higher at 67.90 against dollar

Rupee opens nearly 15 paise higher at 67.90 against dollar

 

The Indian rupee on Thursday strengthened for the second session against the US dollar, tracking the gains in the Asian currencies markets.

The home currency opened at 67.91 against the dollar. At 9.15am, the rupee was trading at 67.90 per dollar, up 0.20% from its previous close of 68.05. Since 1 April 2016 till date, rupee has fallen 3.1%.

Overnight, the US Federal Reserve minutes showed the central bank is concerned about a strengthening dollar, and that more fiscal stimulus could raise demand above sustainable levels, according to a Reuters report.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 102.18, down 0.15% from its previous close of 102.70.

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Today Rupee opens higher at 66.85 per dollar at Currency market

Today Rupee opens higher at 66.85 per dollar at Currency market

 

The Indian rupee opened marginally higher at 66.85 per dollar on Tuesday versus 66.89 Friday.

The dollar fell against a basket of currencies, undermined by recent soft US economic data that tempered expectations of a Federal Reserve interest rate hike this year.

US DOLLAR INDEX (USD)

The American currency declined 0.5 percent last week mainly due to the recent strength in the currency that prompted the traders to book profits. However, sharp losses were capped owing to the robust release of economic data sets from the nation. Number of Americans filing applications for unemployment benefits fell in the last week. Moreover, year on year import prices are still clawing back from the negative. Amid uncertain global conditions, there has been a decent demand for workers which clearly indicates that the labour markets have finally found some stability. US Dollar Index made a weekly low of 95.38 and closed at 95.68 levels on Friday.

OUTLOOK  

 

Rupee is likely to appreciate as optimism in the Asian market equities will govern the trend of the Indian markets and its currency. However , investors will keenly watch FOMC Minutes due tomorrow.

 

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