The local currency on Monday closed 19 paise down at 69.65 against the American currency.
The rupee on Tuesday opened 19 paise higher at 69.46 against the US dollar on account of some selling in American currency by banks and exporters.
The local currency on Monday closed 19 paise down at 69.65 against the American currency.
“For the day, volatility could remain low as market participants will be cautious ahead of the important economic numbers including inflation and industrial production number that will be released tomorrow. USDINR pair is expected to quote in the range of 69.20 and 69.90,” brokerage firm Motilal Oswal Financial Services said.
The local currency on Monday closed 19 paise down at 69.65 against the American currency.
“For the day, volatility could remain low as market participants will be cautious ahead of the important economic numbers including inflation and industrial production number that will be released tomorrow. USDINR pair is expected to quote in the range of 69.20 and 69.90,” brokerage firm Motilal Oswal Financial Services said.
The Dollar Index was slightly higher against major currencies on the back of profit booking as well as some recovery in US yields. For emerging market currencies, Chinese Yuan move remains a key factor. Currently, it is trading near 6.91.
According to ICICI Securities, moves in the Chinese yuan remain crucial triggers for emerging market currencies in the backdrop of consolidation seen in the dollar. “As trade tensions continue to simmer, a move towards 7 cannot be ruled out. In that scenario, all EM currencies, including the rupee, may see some depreciation,” the brokerage house said.
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