USDINR opened with 7 pips weakness @ 70.87/88 against yesterday closed at 70.80/81. USDINR depreciation focus on Oil price surge and Dollar index firm ahead of USA - CHINA trade talk. Most emerging Asian units as concerns over slackening world growth and a possible resurgence in US-China trade frictions kept investors on the sidelines.
INTRADAY RANGE - 70.43 ( 70.58 - 71.08 ) 71.25
On Wednesday, At the Interbank Foreign Exchange market, the rupee opened on a strong footing at 70.48 and rose further to touch the day's high of 70.40. However, it pared the initial gains and finally closed at 70.80 per dollar, down by 10 pips against its previous close. The rupee had surged 48 pips to end at a one-month high of 70.70 against the US dollar Tuesday. In the last six trading sessions, the rupee had gained a hefty 110 pips.
The dollar held near 3-month highs against the euro on Thursday, benefiting from sustained strength in core U.S. inflation and weak data out of Europe. Although U.S. inflation growth logged its weakest pace in 1-1/2-years in January, traders focused on the core price gauge, which was up for the third straight month and gave the dollar some impetus.
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