Rupee opens 4 paise higher at 82.59 against the US dollar
rupee ended 2 paise higher at 82.63 a dollar. Investors will focus on the US consumer confidence and job openings report due later in the day. “We expect Rupee to face hurdle near 83.00 level amid expectation of correction in dollar and US treasury yields and softening of crude oil prices.
Dollar may ease as forecast for upcoming economic data from US seems to signals that economy is feeling the heat of the aggressive rate hikes, giving more incentive to central bank to remain less hawkish then anticipated and interest rates could be nearing their peak," ICICI Direct said in a note. Further, India’s economic growth is likely to accelerate to around 7.8% in April-June 2023 period compared to 6.1% recorded in previous quarter, it said. “We expect USDINR pair to appreciate further towards 82.20 levels in this week as long as it sustains below level of 83.00.
Only a close above 83.00 levels may reverse the trend and open the door for 83.30/83.50 levels," ICICI Direct added. Meanwhile, crude oil prices eased, supporting the rupee. Brent crude futures fell 0.04% to $84.39 a barrel, while US West Texas Intermediate crude (WTI) declined 0.09% to $80.03.
On the domestic front, the Indian benchmark equity indices, Sensex and Nifty were trading higher in the pre-opening session. On Monday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹1,393.25 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹1,264.01 crore, as per provisional data available on the exchanges. Catch Live Market Updates here (With inputs from Reuters) Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to
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