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Rupee opens 2 paise up at 73.77 against dollar

Date: 29-09-2020
Subject: Rupee opens 2 paise up at 73.77 against dollar
The rupee on Tuesday opened nearly 2 paise higher at 73.77 against the US dollar following some gains in the domestic equity market.

The local currency consolidated in a narrow range in the first half of the session on Monday but was weighed down in the latter half following suspected oil-related dollar buying. The domestic unit settled 18 paise lower at 73.79 against the greenback in the previous session.

Most market participants were cautious ahead of the important RBI policy statement that was supposed to be released this week. But the meeting has now been postponed and dates of the same will be announced shortly.

The terms of three external people on the six-member MPC ended last month, and they are yet to be replaced by the government.

The rules of the panel require at least four members to be present at the meeting, with at least one being the governor or the deputy governor, who is a member of the committee.

“Gain in domestic and global equities is likely to keep the rupee elevated against the US dollar. For today, we expect USDINR (Spot) to quote in the range of 73.40 and 74.20,” brokerage Motilal Oswal Financial Services said.

Dollar retraced in yesterday’s session from a two-month high level ahead of number of economic data that are scheduled to be released this week. Apart from major economic events, market participants will be keeping an eye on President Donald Trump and former Vice President Joe Biden square off in their first presidential debate.

On the other hand, Pound rose sharply on hopes that Britain could secure a Brexit trade deal with the European Union by October or at least avoid a cliff-edge exit from the bloc.


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