The Indian rupee opened flat at 72.70 per dollar versus previous close 72.69.
After a flat opening the rupee is trading higher by 6 paise at 72.63 per dollar versus previous close 72.69.
Yesterday rupee remained volatile as it was trade in a range of 72.57 - 72.96, within striking distance of its life-time low of 72.99.
Rupee in the last couple of sessions has been consolidating in a narrow range of 72.70 and 73 as market participants remained cautious ahead of the important Fed policy statement that will be released today midnight. Expectation is that the Federal Reserve could raise rates by 25bps and hawkish tone could extend gains for the greenback, according to Motilal Oswal.US 10-year yield at the same time is just shy away from the 2018 highs. Stronger dollar could weigh on major crosses and also weigh on the rupee. On the domestic front, data released by Controller General of Accounts showed India’s fiscal deficit touched 94.7% of the budgeted target during the April-August period while revenue deficit crossed the budget estimate at 113.8% in the same period. Today, USD-INR pair is expected to quote in the range of 72.50 and 73, it added.
No comments:
Post a Comment