Rupee opens 32 paise up at 75.44 against dollar
In the last few sessions, volatility for the rupee has been low as market participants are awaiting clarity on the stimulus package.
By ETMarkets.com |
BCCL
The rupee on Friday opened 32 paise higher at 75.44 against the US dollar following gains in domestic equity markets and weakening greenback against its major crosses.
The forex market was closed on Thursday on account of ‘Buddha Purnima’.
In the last few sessions, volatility for the rupee has been low as market participants are awaiting clarity on the stimulus package announcement that is expected from the finance ministry.
On the domestic front, the focus will also be on the inflation and industrial production number that will be released next week. There are hopes that inflation may remain subdued but industrial activity may come under pressure as March saw the start of shutdown in India.
“For the day, we expect the rupee (Spot) to quote in the range of 75.40 and 76.20,” brokerage firm Motilal Oswal Financial Services said.
The dollar slipped as investors defied a broader sense of doom around upcoming US employment data and found reasons to buy riskier currencies with more governments slowly reopening their economies for business.
The mood got a lift after China and the United States said their top trade negotiators had held a phone call and agreed to strengthen economic and public health cooperation.
Today, from the US, the focus will be on non-farm payrolls number that is expected to show drop, thereby keeping the dollar weighed down.
The forex market was closed on Thursday on account of ‘Buddha Purnima’.
In the last few sessions, volatility for the rupee has been low as market participants are awaiting clarity on the stimulus package announcement that is expected from the finance ministry.
On the domestic front, the focus will also be on the inflation and industrial production number that will be released next week. There are hopes that inflation may remain subdued but industrial activity may come under pressure as March saw the start of shutdown in India.
“For the day, we expect the rupee (Spot) to quote in the range of 75.40 and 76.20,” brokerage firm Motilal Oswal Financial Services said.
The dollar slipped as investors defied a broader sense of doom around upcoming US employment data and found reasons to buy riskier currencies with more governments slowly reopening their economies for business.
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The mood got a lift after China and the United States said their top trade negotiators had held a phone call and agreed to strengthen economic and public health cooperation.
Today, from the US, the focus will be on non-farm payrolls number that is expected to show drop, thereby keeping the dollar weighed down.
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