strengthening dollar against major rivals overseas.
The local curreny depreciated 23 paise to close at 73.68 against the US dollar on Tuesday. Rupee came under pressure after consolidating in a narrow range for the whole of October and closed at the lowest level in two weeks.
Market participants will be looking for
cues from the governor and what he
thinks could be the impact of Brexit on
the economy going forward.
cues from the governor and what he
thinks could be the impact of Brexit on
the economy going forward.
“The currency was weighed down primarily on back of strength in the dollar following the better-than-expected economic number. In today’s Asian session rupee has given up all of its gains after rumors doing round that the RBI governor is looking to step down following an expected rift between the government and the RBI. On the domestic front, FIIs fund outflows is keeping gains capped for the currency. Today, USDINR pair is expected to quote in the range of 73.70 and 74.50,” Motilal Oswal Financ ..
Dollar rebounded against its major crosses after consumer confidence number showed the index rose to 137.9 in October compared to 135.3 in the previous month. From the US, non-farm payrolls number will be important to watch and the better-than-expected number could extend gains for the greenback. On the other hand, pound was weighed down following broad strength in the dollar and tomorrow’s Bank of England will be an important trigger specifically for the currency.
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