Indian Rupee Opens Little Changed At 79.73 Against The U.S. Dollar

The Indian rupee opened little changed against the U.S. dollar on Tuesday.

The domestic currency opened at 79.73 against the greenback, but soon lost 0.02% to trade at 79.75.

On Monday, the rupee had gained as much as 0.2% intraday to 79.70, before closing at 79.73.

The revival comes after it had weakened to beyond 80, a record low on July 19, and again on July 21.

Rupee Down 15 Paise To All-Time Low Of 79.60 Against US Dollar: Indian Rupee Opens Little Changed At 79.73 Against The U.S. Dollar

“Rupee consolidated in a narrow range and rose marginally ahead of the important Fed policy meeting that is scheduled later this week. Dollar was lower against a basket of major currencies as investors weighed the implications of a rate hike by the U.S. Federal Reserve in an economy that may be on the verge of a recession. Recent data has shown signs of an economic slowdown while inflation remains stubbornly high, with claims for jobless benefits rising to its highest in eight months last week and regional manufacturing gauges slumping.”

“Inflation has actually accelerated since the Fed began raising rates in March, prompting officials to shift from the quarter-percentage-point increase that month to a half-percentage-point hike in May and to a 75-basis-point increase in June. Pound rose against the US dollar despite weak economic data releases from the UK. Today, focus will be on the consumer confidence number that will be released from the US. Better-than-expected economic data could extend gains for the dollar. We expect the USDINR(Spot) to trade with a positive bias and quote in the range of 79.70 and 80.40.”

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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