Indian Rupee: Seen Recovering In Opening Trades

The Indian rupee is recovering some of its lost momentum in opening trades on Thursday although a recovery in dollar overseas could restrict gains in the counter. The dollar index steadied at around 99.40 in early Asia awaiting key PCE data for further cues on Federal course of action. INR opened at Rs 85.35 per dollar and hit an intraday high of 85.26 so far during the day. Yesterday, rupee declined 10 paise to close at 85.48 against the US dollar due to a strong American currency against major crosses overseas and rising global crude oil prices. However, positive domestic equity market and foreign fund inflows supported the local currency and restricted its slide. Meanwhile, Asian stock markets slipped on Friday after a court ruling in the United States that gave president Donald Trump?s tariff policies a temporary reprieve. The stocks had improved the previous day when a lower court had termed them unconstitutional.

Powered by Commodity Insights