Forex Market News

Rupee Opens Flat At 66.73 Per Dollar

The Indian rupee has opened flat at 66.73 per dollar on Friday against previous day’s closing of 66.74 a dollar. Bhaskar Panda of HDFC said, “The USD-INR pair is moving in a very narrow range and is expected to remain in range of 66.60-66.75/dollar.
The dollar clawed back some lost ground against the yen, rising 0.2 percent to 103.17 and pushing away from the previous session’s one-month low of 102.54 yen, though still down 1.5 percent for the week. The euro edged down 0.1 percent to USD 1.1099, up about 1 percent for the week.
The dollar index, which tracks the greenback against a basket of six rival currencies, stood at 97.177 , down 1.2 percent for the week and not far from a more than three-week low of 97.041 struck overnight. The pound was a stand-out performer overnight, rising to a nearly one-month high of USD 1.2494 on Thursday after a British court ruled that the government needs parliamentary approval to start the process of leaving the European Union.
That could potentially delay Prime Minister Theresa May’s Brexit plans. The pound also got a boost from the Bank of England, which scrapped its plan to cut interest rates and ramped up its forecasts for growth. Sterling was last up 0.1 percent at USD 1.2471, poised to gain 2.3 percent for the week.
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