India Rupee: Rises on weak dollar globally, strong local equities
MUMBAI – The rupee rose against the dollar today because the dollar index fell in early Asian trade as investors shifted their focus to inflation data and minutes of the US Federal Open Market Committee’s September meeting, both due later today.
The key data points will provide investors with further cues on global economic recovery and when the US Federal Reserve will start tapering its massive bond-buying programme.
At 1040 IST, the dollar index, which measures the US currency against six other major units, was at 94.35 compared with 94.52 on Tuesday. It was at 94.32 on Monday.
“While we may see some respite for the rupee for a couple of sessions in a curtailed trading week, it may easily again come under pressure on the back of robust dollar index which touched a new one-year high and stays steady around the 94.40 mark at present,” said a dealer with a brokerage.
A rise in domestic benchmark indices also supported the Indian unit, according to dealers.
At 1040 IST, the Nifty 50 and the Sensex were up over 0.7% and 0.5%, respectively.
However, gains in the Indian rupee were limited as some banks stepped in to purchase dollars on behalf of oil marketing companies noting elevated Brent crude prices, said dealers.
At 1040 IST, the December contract of Brent crude on the Intercontinental Exchange was at $83.30 per barrel, compared with $83.42 a bbl at close on Tuesday.
The Indian unit is expected to move in a range of 75.10-75.60 a dollar during the day. (Arushi Jain)
India Rupee – Asia FX: Most units up as crude oil price eases
NEW DELHI – Most Asian currencies were up against the dollar in early trade today after Brent crude oil price eased after touching a three-year high on Tuesday.
At 0850 IST, the December contract of Brent crude on the Intercontinental Exchange was at $83.13 per barrel, as against $83.42 a bbl at close on Tuesday. It was at $83.65 a bbl on Monday.
The Korean won and the Philippine peso rose the most at 0.4%, buoyed by gains in the local equity markets.
The US dollar was down against major currencies as yield on the 10-year benchmark US Treasury note ended slightly lower on Tuesday after bond traders returned from the three-day weekend and turned their focus to the upcoming key inflation data and minutes from the Federal Reserve’s September meeting due later today.
At 0900 IST, the dollar index, which measures the US currency against six other major units, was at 94.35 compared with 94.52 on Tuesday. It was 94.32 on Monday. (Shubham Rana and Pratiksha)
India Rupee: Expected range for rupee – Oct 13
MUMBAI – The following are the expected support and resistance levels for the rupee, as forecast by leading banks and brokerages in an Informist poll:
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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