The Indian rupee opened with marginal gains of 7 paise at 60.09 per dollar versus 60.16 Friday.The dollar got off to a cautious start having staged a curious reversal late last week that saw it erase all of the gains sparked by a strong payrolls report.
09:19
Moneycontrol BureauLive Market Commentary The market opens the week in red as it seems to be in profit booking mode. The Sensex is up 8.91 points at 22412.80, and the Nifty is down 13.15 points at 6681.65. About 4 shares have advanced, 1 shares declined are unchanged.
Reliance, HDFC Bank, ITC, TCS and Cipla are early gainers while Suzlon is up 9 percent.
The Indian rupee opened with marginal gains of 7 paise at 60.09 per dollar versus 60.16 Friday.The dollar got off to a cautious start having staged a curious reversal late last week that saw it erase all of the gains sparked by a strong payrolls report.
Against the yen, the dollar was back at 102.20, having retreated from a near one-month peak of 103.03. The euro, which fell as low as USD 1.3812, recovered to USD 1.3874.
Agam Gupta of Standard Chartered said that, "Rupee to trade in a narrow range of 59.85-60.25/dollar." "Expect nationalised banks to buy below 60/dollar and exporters to sell on upticks until 60.25/dollar," he added.
In commodities, Brent prices rose as traders covered short positions after fighting intensified between Ukraine and pro-Russian rebels, while a positive US Jobs report supported US Crude prices.
From precious metals space, gold rose over a percent on Friday, as rising geopolitical tensions and heavy short-covering helped bullion reverse a sharp sell-off after encouraging us nonfarm payrolls data. The yellow metal is now set for its biggest one-day gain in two months.
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