RUPEE opened firm 0.3350 pips after 5 days continuous fall @ 70.56/57 against Thursday finished trade on weaker note at 70.8950/9050 levels Vs Greenback. INR getting strength against Dollar on , hobbled by renewed speculation of an imminent pause in the Federal Reserve's tightening cycle, perhaps as soon as it delivers a widely expected rate hike later this month.
INTRADAY RANGE - 70.12 (70.35 - 70.78) 70.95
The Fed is expected to raise interest rates again at its Dec. 18-19 meeting, which would be its fourth hike this year, but investors are already focusing on how much further it might raise rates and whether a pause is imminent. Interest rate futures implied traders see no more than one rate increase from the Fed in 2019, compared with previous expectations for possibly two rate hikes
The USDINR depreciated by 40 paise to close at 70.8950 against the US dollar on Thursday amid a strengthening greenback and sharp decline in equity markets. Foreign portfolio investors (FPIs) net bought shares worth Rs 72.47 crore Thursday, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 389.78 crore, provisional data showed.
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