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Rupee opens 2 paise down at 74.95 against dollar

Date: 10-08-2020
Subject: Rupee opens 2 paise down at 74.95 against dollar
The rupee on Monday opened 2 paise down at 74.95 against the US dollar NSE 1.67 % due to some buying in American currency by banks and importers.

The US dollar rose against its major crosses despite US employment growing at a slower pace considerably in July amid a resurgence in new Covid-19 infections.

Nonfarm payrolls increased by 1.76 million jobs last month after a record 4.79 million in June.

“For the day, we expect USDINR (Spot) to quote in the range of 74.70 and 75.20,” Motilal Oswal Financial Services said in a report.

On the domestic front, market participants will zero in on inflation and IIP number this week and a weaker-than-expected number could keep gains restricted for the local currency.

Market participants will be keeping an eye on preliminary GDP number that will be released from the UK and Eurozone and will be important to provide trigger to major crosses.

Source:- economicstimes.indiatimes.com

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