Rupee opens nearly 3 paise down at 66.95 against dollar
NEW DELHI: The rupee opened nearly 3 paise down at 66.95 against dollar on Wednesday on account of selling of American currency by banks and exporters.
Meanwhile, the domestic equity market opened in the green following mixed global cues. The 30-share BSE Sensex opened 60.81 points, or 0.21 per cent, up at 28,822.40, while the 50-share NSE Nifty index opened 23.75 points, or 0.27 per cent, up at 8,931.60.
The rupee on Monday closed 9 paise up at 66.92 per dollar.
On Wednesday’s movement of rupee, Nirmal Bang Commodities said, “It is expected to trade with a sideways to positive movement later in the day. Trading in the expected intraday range of 66.88-67.15 is recommended.”
However, Angel Broking Commodities in a research note said, “Cleveland Fed President Loretta Mester stated that she would be comfortable raising rates at this point if the economy maintained its current performance while Philadelphia Fed President Patrick Harker commented on the possibility of Mar’17 rate hike. Consider these factors, USDINR spot is expected to depreciate in Wednesday’s trading session.”
Government bonds fell for the second day on Monday, as a state debt sale boosted supply while investors remained wary during a short trading week ahead of US FOMC minutes. The benchmark 6.97% 2026 bond yield rose to 6.90 per cent in the previous session.
Meanwhile, the domestic equity market opened in the green following mixed global cues. The 30-share BSE Sensex opened 60.81 points, or 0.21 per cent, up at 28,822.40, while the 50-share NSE Nifty index opened 23.75 points, or 0.27 per cent, up at 8,931.60.
The rupee on Monday closed 9 paise up at 66.92 per dollar.
On Wednesday’s movement of rupee, Nirmal Bang Commodities said, “It is expected to trade with a sideways to positive movement later in the day. Trading in the expected intraday range of 66.88-67.15 is recommended.”
However, Angel Broking Commodities in a research note said, “Cleveland Fed President Loretta Mester stated that she would be comfortable raising rates at this point if the economy maintained its current performance while Philadelphia Fed President Patrick Harker commented on the possibility of Mar’17 rate hike. Consider these factors, USDINR spot is expected to depreciate in Wednesday’s trading session.”
Government bonds fell for the second day on Monday, as a state debt sale boosted supply while investors remained wary during a short trading week ahead of US FOMC minutes. The benchmark 6.97% 2026 bond yield rose to 6.90 per cent in the previous session.
