USDINR opened at par levels 71.17/18, The pair trading in range ahead the latest round of high-level talks between US and Chinese officials set to kick off on Thursday, investors stayed away from risk-sensitive assets and bet on safe-haven dollar as well as Oil trading in $2 range.
INTRADAY RANGE - 70.85 ( 71.02 - 71.27 ) 71.42
On Monday , Rupee strengthened by 13 pips to close at 71.17/18 against the dollar on easing crude oil prices even as the greenback strengthened vis-a-vis other major currencies. This is the fifth successive session of gain for the domestic currency, during which it has climbed 62 pips. At Interbank Foreign Exchange, the rupee opened on a firm note at 71.23/24. It gained further to hit a high of 71.0975 and settled for the day at 71.18.
The U.S. dollar hit three-month highs against a basket of major currencies amid weakness in the pound on signs of a slowdown in the U.K. economy. In a further sign the UK economy is on the ropes, UK manufacturing output fell 0.7% in December, confounding expectations of a 0.2% increase.
The dollar was also supported by safe-haven demand as U.S.-China trade talks, which got underway today, show little sign of progress, raising the risk the United States could ramp up tariffs on China when the current trade war truce expires on March 1.
Opmerkingen