The rupee on Thursday opened 12 paise lower at 69.27 against the US dollar due to some buying in American currency by banks and importers.
The local currency on Wednesday gained 21 paise to close at 69.15 against the greenback after the US Trade secretary said that the US and China were close to a trade deal, and he’s optimistic that progress can be made during weekend talks between President Donald Trump and China’s Xi Jinping.
In the next couple of days, volatility for rupee as well as major crosses could be confined to a narrow range ahead of the important final GDP number that will be released from the US and the G20 meeting that is scheduled this weekend.
In the next couple of days, volatility for rupee as well as major crosses could be confined to a narrow range ahead of the important final GDP number that will be released from the US and the G20 meeting that is scheduled this weekend.
“Today, USDINR pair is expected to quote in the range of 69.20 and 69.90,” brokerage firm Motilal OswalNSE -0.76 % Financial Services said.
In another development, the Reserve Bank of India (RBI) on Wednesday issued Rupee Interest Rate Derivatives (Reserve Bank) Directions consolidating and simplifying all previous regulations with a view to protect small and retail participants.
Given the evolution of the market, there is now a need to permit flexibility for exchanges and market-makers in the design and innovation of products while ensuring that relatively less informed participants using these derivatives markets are adequately protected," the RBI said while issuing the directions.
Source: economictimes.indiatimes.com