Thursday, 24 November 2016

Rupee opens at fresh 9-month low; down 18 paise

We expect the USD-INR to trade in a range of 68.65-69/dollar for the day, says Mohan Shenoi of Kotak Mahindra Bank. 

The Indian rupee opened at fresh 9-month low at 68.74 per dollar on Thursday. It has slipped 18 paise versus previous close 68.56.

The rupee is near to its record closing low of 68.85 per dollar, which it has tested on August 28, 2013.

Mohan Shenoi of Kotak Mahindra Bank said, "Dollar rally across the board is continuing. December US Fed rate hike is now certain. While rupee has weakened sharply against dollar, it has in fact strengthened against currencies like euro and yen."

"We expect the USD-INR to trade in a range of 68.65-69/dollar for the day," he said.

Also Read - Dollar-rupee may test 68.79 level in coming weeks: Scotiabank 

The dollar surged to a more than 13-year peak, bolstered by upbeat US economic data that showed the economy on track for steady growth and reinforced expectations of interest rate increases by the Federal Reserve next month and in 2017.
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2 comments:

Geet Khare said...

Most Asian stock markets fell on Thursday as upbeat economic data strengthened the prospect for higher U.S. interest rates, while the dollar's bull run continued as U.S. bond yields hovered near multi-year highs.capitalstars

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