The Indian rupee slipped in the early trade on Monday. It has opened lower by 21 paise at 61.98 per dollar versus 61.77 Friday.
The Indian rupee slipped in the early trade on Monday. It has opened lower by 21 paise at 61.98 per dollar versus 61.77 Friday.
Dollar trades at its highest in over five years against a basket of major currencies, having rallied hard late last week on the back of a surprisingly robust US employment report.
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Agam Gupta of Standard Chartered said, "The US jobs data on Friday evening was stronger than expected and this has led to dollar strengthening against other currencies."
"The USD-INR should trade in a range of 61.80-62.15/dollar today. Any upticks will attract exporter hedging and dips to 61.80-61.85/dollar will attract bids from local government owned banks," he added.
According to Karvy currency report, Asian currencies are trading on a negative note with respect to the dollar. US dollar appreciated against all the major currencies after the positive jobs data. Japanese Yen is trading lower at 121.54, Euro at 1.2290 below the 1.2300 mark, and Pound below 1.5600 with respect to the US dollar. One month Rupee NDF is trading at 62.27 with a change of 15 paisa from Friday's close indicating a negative opening for the Indian rupee. We expect rupee to open on a negative note with respect to the dollar but appreciate against the remaining three currency pairs.
Important Economic data is to be released today: Japan's GDP was revised lower, China's Exports fell for this month. In the afternoon we have industrial production from Germany.
In a nutshell, we expect the USDINR pair to open on a negative note and trading to be sideways for most of the day.
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