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Rupee opens 13 paise down at 71.42 against dollar

Date: 18-02-2020
Subject: Rupee opens 13 paise down at 71.42 against dollar
The rupee on Tuesday opened 13 paise down at 71.42 against the US dollarNSE -0.70 % following buying in the American currency by banks and importers.

The domestic unit on Monday opened on a flat note but gained marginally despite weakness in domestic equities. In the next couple of sessions, volatility could be confined to a narrow range following lack of cues on the domestic front.

Today, Asian markets are weighed down after outbreak of the coronavirus claimed another 98 lives, bringing the total death toll in mainland China to 1,868, with 1,886 new confirmed infections for a total of 72,436, the National Health Commission said.

“Today, USDINR pair is expected quote in the range of 71.20 and 71.80,” brokerage Motilal Oswal Financial Services said.

Dollar continued to rally against its major crosses but volatility remained low as US markets were shut yesterday on account of President’s Day holiday. The greenback witnessed safe-haven buying after death toll in China rose above 1,800.

Euro fell against the US dollar after Eurozone finance ministers discussed ways to pursue a more growth-friendly fiscal policy mix in a potential nudge to Germany and the Netherlands to spend more as fears of a downturn grow in the wake of the coronavirus epidemic.

Today, from Eurozone, market participants will be keeping an eye on German economic sentiment; better-than-expected sentiment could support the currency at lower levels.

Source: economictimes.indiatimes.com

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