Gold Silver Reports (GSR) – Rupee Expected To Open Lower Around 66.15 Per Dollar — India government bonds were supported on Friday by a category of investors classified as “others” which bought a record amount of debt. Now other categories include the central bank itself and also insurance companies.
They overall bought Rs 5,700 crore of bonds, the most since 2006. However, the yield on the benchmark note continued to rise. It was up 9 basis points on Friday at 7.72 percent. Investors are expecting more pain as states plan to borrow more than planned this week and U.S. treasuries continue to see a sell off. Yield may stay in a range of 7.70-7.80 percent today.
Read More: BREAKING NEWS : RUPEE WEAKENS 0.4% TO 66.0275/$, LOWEST LEVEL SINCE MARCH 2017
In the currency market, implied opening from the forwards market suggests that rupee may open weaker at around 66.15 a dollar. Spot has already breached the 100-day WMA and we may see a new range for the pair the top of which could be 67.4413 a dollar. For today, a range of 66.10-66.60 is expected.
Rupee Falls For Sixth Straight Day, Hits 66.20 Against U.S. Dollar
Rupee depreciated for sixth the day in a row against the U.S. dollar falling to its lowest in over a year.
The domestic unit fell as much as 0.14 percent or 9 paise to 66.20 against the U.S. dollar. – Neal Bhai Reports (NBR)