The possibility of weakening of the rupee due to the strengthening of the dollar, risk aversion in the markets; USDINR pair to trade in this range

Indian Rupee There is a possibility of depreciation on Thursday amid strengthening dollar, risk aversion in domestic, global markets. “The rupee is likely to open the day near the sticky levels of 77.60 and another narrow day is expected between 77.45 to 77.80,” experts said. The rupee had recovered from its record low against the US dollar in the previous session. At the interbank forex market, the rupee opened at 77.58 against the greenback and moved in a range of 77.51 to 77.62 in the day’s trade. The local unit…

Rupee may weaken on higher crude oil prices, risk aversion in markets; USDINR pair will trade in this range

Indian Rupee Amid higher crude oil prices, a firmer US dollar and risk aversion in domestic markets, further downside is likely on Wednesday. Today the focus will be on manufacturing PMI numbers from US, Euro zone and UK. Better-than-expected economic data could boost gains for the dollar, according to experts. In the previous session, the rupee closed at its all-time low against the US currency as a rise in US bond yields reduced the appeal of riskier assets. Fall in domestic equities, higher crude oil prices and foreign currency outflows…