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MUMBAI: The Indian rupee opened 7 paise higher against the US dollar amid firm domestic equities, and a lackluster greenback.
The rupee opened at 73.83 against the US dollar, compared to the previous close of 73.90.
On Monday, the rupee consolidated in the first half of the session but weakened in the latter half of the session primarily as the dollar strengthened against its major crosses.
“Riskier assets have got a boost on expectation of stimulus from the US and that could keep dollar gains capped in the near future. This week, only a few economic data are expected to release from the US but clarity on the stimulus package is likely to trigger volatility for the greenback,” Motilal Oswal analysts said in a note. “For today, we expect the USDINR (Spot) to trade higher and quote in the range of 73.40 and 74.20,” they added.
Meanwhile, Pound fell sharply against the US dollar after reports showed that British Prime Minister Boris Johnson is ready to pull out of Brexit talks unless the European Union agrees to budge on its demands.
British and EU leaders will meet face-to-face to try to seal a post-Brexit trade deal after failing again to narrow their differences thereby increasing the chance of a disorderly parting of ways at the end of the month.
A senior UK government source described that talks are in the same position as they were on Friday and have made no tangible progress. Volatility in Pound is expected to remain high as we head into the EU summit this week.
The rupee opened at 73.83 against the US dollar, compared to the previous close of 73.90.
On Monday, the rupee consolidated in the first half of the session but weakened in the latter half of the session primarily as the dollar strengthened against its major crosses.
“Riskier assets have got a boost on expectation of stimulus from the US and that could keep dollar gains capped in the near future. This week, only a few economic data are expected to release from the US but clarity on the stimulus package is likely to trigger volatility for the greenback,” Motilal Oswal analysts said in a note. “For today, we expect the USDINR (Spot) to trade higher and quote in the range of 73.40 and 74.20,” they added.
Meanwhile, Pound fell sharply against the US dollar after reports showed that British Prime Minister Boris Johnson is ready to pull out of Brexit talks unless the European Union agrees to budge on its demands.
British and EU leaders will meet face-to-face to try to seal a post-Brexit trade deal after failing again to narrow their differences thereby increasing the chance of a disorderly parting of ways at the end of the month.
A senior UK government source described that talks are in the same position as they were on Friday and have made no tangible progress. Volatility in Pound is expected to remain high as we head into the EU summit this week.
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