Rupee opens 5 paise lower at 82.79 against the US dollar
US jobs data. Asian currencies were down between 0.2% and 0.6%, with the offshore Chinese yuan slipping to 7.2250 to the dollar, Reuters reported. On Monday, the rupee ended 10 paise higher at 82.84 a dollar.
Investors will focus on the US inflation data due on Thursday for further outlook of the Federal Reserve. “Rupee is likely to depreciate today amid firm dollar and weak global market sentiments. Further, elevated crude oil prices may hurt rupee.
Oil prices are rising on concerns over supply crunch amid production cuts by Saudi Arabia and Russia. Moreover, investors will remain cautious ahead of major economic data from US and China to gauge health of economy," ICICI Direct said in a note. USDINR is likely to hold the support near 82.70 level and rise back till 82.90 level, it added.
Crude oil prices rose amid concerns over supply arising from production cuts by Saudi Arabia and Russia. Brent crude futures rose 0.19% to $85.50 a barrel, while US West Texas Intermediate crude was up 0.26% at $82.15 a barrel. On the domestic front, the Indian equity benchmark indices, Sensex and Nifty were trading higher in the early session.
Read more on livemint.com
