Rupee opens flat, may depreciate on strong dollar, risk aversion in markets; USDINR to trade in this range
时间:2024-09-29 04:26:56 阅读(143)
The Indian rupee opened flat on Friday at 82.55 per dollar, up just 1 paise from the previous close. The local unit is likely to depreciate amid a strong dollar and risk aversion in US markets. Rebound in crude prices is also expected to put pressure on the domestic currency. Market sentiments are hurt as strong labour market data reinforced expectations that the Fed may keep rates higher for some time. Also, investors will closely watch non-farm payrolls, average hourly earnings, and ISM Services PMI data to gauge the economic health of the country. “US$INR (January) may hold support near 82.45. As long as its sustains above this level, it may rise back to 82.80 levels,” said ICICI direct.USDINR (spot) to trade positive
“Rupee rose marginally after falling in the last couple of sessions as the dollar retraced in the first half of the session. But the greenback rallied following robust private payrolls number from the US. Private payrolls increased more than expected in December, pointing to still-strong demand for labor despite higher interest rates. US equities fell following the report as investors fear that strong jobs numbers could push the Federal Reserve to keep raising interest rates. Today, the focus will be on the non-farm payrolls number. We expect the USDINR(Spot) to trade positive and quote in the range of 82.50 and 83.05,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Any rise in Rupee spot market is a good opportunity to sell for exporters“Dollar selling by Indian exporters has recovered on the back of expectations that the USD has topped out. The average daily dollar sales by exporters beyond the spot date rose about $1.2 billion in November and December month from $900 million levels according to data from the clearing corporation of India and this figure could rise further in Jan month too, which could support the local unit. As the global growth outlook appears gloomier, we believe India’s economic outperformance may continue, which could keep the Rupee in demand. Overall, the view remains the same. The pair is likely to top out near the 83.00 to 83.20 zone. Any rise in the spot market is a good opportunity to sell for exporters. In the near term, it is expected to fall back to 81.50-81.20 levels, where importers can look for hedging,” Amit Pabari, MD, CR Forex Advisors.
Rupee may breach 83 mark in near-term‘The dollar moved little after the FOMC minutes even though the central bank reiterated its focus on getting the multi-decade high inflation under control, and the traders moved their focus on the NFP data. As of now, the Dollar index is stable between the 104.00-104.20 zone. The USDINR pair after breaching above the 83.00 mark has reentered the trading range between 82.50 and 83.00. Today we saw the pair make a move towards the lower end of the range. In the sessions to come, we will carefully observe the price action near the 82.50 zone. On the upside we expect the 83.00-83.20 zone to act as a resistance,” said Anindya Banerjee, VP – Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)
下一篇:With Sensex, Nifty up about 50% from March lows, where should you invest now- Here are hot sectors
猜你喜欢
- Rating- buy; IDFC First Bank’s strong growth strategy
- Rural demand pick up on cards; staples, select auto stocks to benefit, says BofA after cutting Nifty target
- Raksha Bandhan 2023- Rakhi celebration begins across the nation – See images
- Mcap of five of top 10 valued firms climbs Rs 88,605 cr; State Bank, ICICI Bank biggest gainers
- MCX crude oil September futures support at 6500; US FOMC meet to guide crude oil movement
- Rupee rises 4 paise to settle at 83
- Rupee tumbles to record low, breaches 81-mark intra-day
- Rupee opens lower, may slip below 83 in three months amid weak market sentiments, rising crude oil prices
- S Jaishankar visits US for high-level UN General Assembly session – See Photos