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Rupee opens marginally higher at 71.69 per dollar.


Date: 25-11-2019
Subject: Rupee opens marginally higher at 71.69 per dollar
The Indian rupee opened marginally higher at 71.69 per dollar on Monday versus Friday's close 71.71 per dollar.

The dollar and export-focused currencies edged higher on Monday on broadly upbeat headlines about US-China trade talks, while the pound climbed on hopes of an imminent Brexit and an end to years of political paralysis.

“The delay in US-China trade deal is keeping market participants on sidelines. Last week USD/INR remained pretty range bound, while conflicting and mixed messages by the Trump administration kept rupee on an edge. A long pause will further weaken risk appetite," said Rahul Gupta, Head of Currency, Emkay Global Financial Services.

"For this week, we expect USD/INR spot to trade within 71.55-72.25 range. 72 will act as a strong resistance, until and unless there is clarity over trade deal,” he added.

Oil prices began the week on a brighter note on Monday, posting early gains as positive noises from Washington over the weekend rekindled optimism in global markets that the United States and China could soon sign a deal to end their bitter trade war.

Source: moneycontrol.com

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