Monday, 3 August 2015

Rupee strong; opens higher by 12 paise 64.01 per dollar

The Indian rupee recovered in the early trade on Monday. It opened higher by 12 paise at 64.01 per dollar versus 64.13 Friday.

The Indian rupee recovered in the early trade on Monday. It opened higher by 12 paise at 64.01 per dollar versus 64.13 Friday.

Agam Gupta of Standard Chartered said, "The US data released on Friday was weaker than expected. We expect a range of 63.90-64.20/dollar. The demand from local government banks should emerge in the 63.90-63.95/dollar zone whereas we should continue to see exporters sell USD on upticks towards 64.20/dollar."

"The market should remain rangebound today ahead of the Reserve Bank of India (RBI) monetary policy tomorrow," he added.

Also Read - RBI unlikely to cut rate at Aug 4 policy meet, feel experts

The dollar steadied after Friday's fall when subdued wage growth clouded the outlook on the timing for an interest rate hike.

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