Forex Market News

Rupee Opens Marginally Higher At 66.48 Per Dollar

The Indian rupee has opened marginally higher at 66.48 a dollar on Friday compared to 66.52 per dollar in previous session. Pramit Brahmbhatt, Veracity says he feels the rupee is expected to remain rangebound with 66.80 level as a resistance for the dollar.
According to him, weakness in the dollar can help the rupee to appreciate and test Rs 66.20/USD levels. Meanwhile, the Japanese yen held on to broad gains, having posted its biggest one-day rally in over five years against the greenback and euro after the Bank of Japan skipped a chance to ease policy.
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Rupee Opens Marginally Higher At 66.39/$

The Indian rupee has opened at 66.39 per dollar up 0.13 on Thursday. Mohan Shenoi, Kotak Mahindra Bank said, “The US Fed kept its policy rates on hold due to domestic and external factors. Currency markets were stable overnight as FOMC announcement was broadly in-line with market expectations.
We expect the USD-INR pair to trade in a range of Rs 66.35-66.65/USD today.” He further said, “The bond markets are rangebound as substantial liquidity infusion into money markets is yet to happen. Higher crude oil prices have also had a negative impact on market sentiment. We expect the 10-year benchmark yield to trade between 7.45-7.48 percent today.
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Rupee Opens Marginally Higher At 66.52/$

The Indian rupee has opened at 66.52 per dollar, up 0.04 percent or 0.02 on Wednesday. Bansi Madhavani of India Ratings says outcome of key central bank meetings, both BoJ and Fed, is expected to keep the balance of risk in favour of EM currencies.
She says, with dollar continuing to note headwinds, rupee may benefit in the near term on account of ‘risk-on’ sentiment. in the near term. She is eyeing a range of 66.20-66.85 per dollar on the rupee. The dollar holds near a 3-week high against the yen on expectations of further Bank of Japan easing this week.
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Chana Ends Lower On Weak Demand

Chana prices closed lower by 1.58 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the steady sowing progress of pulses along with high supplies in major producing states.
At the NCDEX, chana futures for May 2016 contract closed at Rs. 5,366 per quintal, down by 1.58 per cent, after opening at Rs. 5,460 against the previous closing price of Rs. 5,452. It touched the intra-day low of Rs. 5,354.
India is the largest producer of chickpea followed by Pakistan, Turkey and Iran. India produces around 6 to 8 million tonnes and contributes around 70 per cent of the total world production.
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Rupee Slides 22 Paise In Early Trade

The rupee was trading lower by 22 paise at 66.70 against the dollar in early trade on sustained demand for the US currency from importers. The dollar was weak against major global currencies and the domestic equity market saw a higher opening, which capped the rupee losses, dealers said.
The rupee had lost 8 paise to close at 66.48 against the dollar in Friday’s trade on persistent demand for the American currency from banks and importers. Meanwhile, the benchmark BSE Sensex was trading higher by 52.89 points, or 0.20 per cent, at 25,891.03 in early deals.
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Rupee Slips 16 Paise, Opens At 66.65 Per Dollar

The Indian rupee slipped in the early trade on Monday. It has opened lower by 16 paise at 66.65 per dollar versus 66.49 Friday. Pramit Brahmbhatt of Veracity said, “Rupee is still trading in narrow range.
A close below 66.50/dollar on Friday will support the rupee to appreciate towards 66.20/dollar levels.” He further added, “The trading range for the day will be between 66.20-66.80/dollar.
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Rupee Gains 28 Paise; Opens At 66.27 Per Dollar

The Indian rupee gained in the early trade on Wednesday. It has opened higher by 28 paise at 66.27 per dollar versus 66.55 Monday. Bansi Madhavani of India Ratings said, “Weaker dollar is likely to aid EM currencies.”
The US dollar hit 10-month lows against some commodity currencies on a growing appetite for risky assets and lost further ground to the euro after weak US economic data reinforced views that Federal Reserve monetary policy would remain dovish.
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