Rupee opens 15 paise down at 75.34 against dollar
The local currency consolidated in a narrow range on Monday ahead of the important inflation number that was released in the latter half of the session.
By ETMarkets.com |
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The rupee on Tuesday opened 15 paise lower at 75.34 against the US dollar tracking weakness in the domestic equity market amid strengthening dollar index.
The local currency consolidated in a narrow range on Monday ahead of the important inflation number that was released in the latter half of the session. Inflation in June rose 6.09 per cent compared to rise of 5.84 per cent in the month of March following increases for some food and fuel items.
The government had suspended the release of CPI inflation headline numbers for April and May due to insufficient data during the lockdown period.
Optimism across global markets was lifted after reports that a Russian institute developing one of the country’s potential coronavirus vaccines hopes to start its final stage testing in a small section of the general public in mid-August. Any positive update on the same is likely to extend gains for the currency, according to Motilal Oswal Financial Services.
From the US too two pharmaceutical giants have received the US Food and Drug Administration’s “fast track” designation.
“In the next couple of sessions we expect USDINR (Spot) could quote in the range of 75.05 and 75.50,” Motilal Oswal said in a report.
The US dollar remained under pressure against its major crosses as the number of Covid cases in the US have risen sharply in the last few days. Euro rose sharply in yesterday’s sessions ahead of the ECB Policy statement that is scheduled later this week.
Equity benchmark BSE Sensex declined over 0.50 per cent in early trade due to selling in financial stocks amid selloff in global markets.
The local currency consolidated in a narrow range on Monday ahead of the important inflation number that was released in the latter half of the session. Inflation in June rose 6.09 per cent compared to rise of 5.84 per cent in the month of March following increases for some food and fuel items.
The government had suspended the release of CPI inflation headline numbers for April and May due to insufficient data during the lockdown period.
Optimism across global markets was lifted after reports that a Russian institute developing one of the country’s potential coronavirus vaccines hopes to start its final stage testing in a small section of the general public in mid-August. Any positive update on the same is likely to extend gains for the currency, according to Motilal Oswal Financial Services.
From the US too two pharmaceutical giants have received the US Food and Drug Administration’s “fast track” designation.
“In the next couple of sessions we expect USDINR (Spot) could quote in the range of 75.05 and 75.50,” Motilal Oswal said in a report.
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The US dollar remained under pressure against its major crosses as the number of Covid cases in the US have risen sharply in the last few days. Euro rose sharply in yesterday’s sessions ahead of the ECB Policy statement that is scheduled later this week.
Equity benchmark BSE Sensex declined over 0.50 per cent in early trade due to selling in financial stocks amid selloff in global markets.
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