The Rupee opened at PAR @ 70.46/47 after yesterday volatile session against greenback. After opening rupee is trading firm on Dovish Fed minutes, Fed has acknowledged market concerns with its language. The markets are clearly reading into this as a more accommodative stance but overnight 5% Oil price rally hurting rupee restricting.
INTRADAY RANGE - 70.00 ( 70.21 - 70.87) 71.10
On Wednesday , the rupee opened on a firm note at 70.05/06, but soon pared its initial gains and fell to an intra-day low of 70.65 against the greenback. The domestic currency, however, recovered some lost ground and finally settled for the day at 70.46 per dollar, down 27 pips over its previous closing. On Tuesday, the rupee had plunged by 52 paise to close at 70.20 against the US dollar.
The dollar weakened versus major peers such as the euro and yen on Thursday due to growing expectations the Federal Reserve will pause its rate tightening cycle this year. Minutes from the Fed's Dec. 18-19 meeting revealed that several policymakers were in favour of the US central bank keeping rates steady this year.
Comments