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Rupee opens 8 paise down at 75.23 against dollar

Date: 16-07-2020
Subject: Rupee opens 8 paise down at 75.23 against dollar
The rupee on Thursday opened 8 paise down at 75.23 against the US dollar NSE -1.09 % following some buying in American currency by banks and importers.

The local currency gained 27 paise against the greenback on Wednesday but broadly consolidated in a range of 75 and 75.50 for the fourth successive session. Volatility for the currency has remained low despite a lot of cues on the global front.

Domestic and global equities in the last couple of sessions have risen on optimism over a coronavirus vaccine. Earlier during the week, an early stage trial done by biotech startup Moderna Inc showed it was safe and provoked immune responses in volunteers.

There were also reports of pending positive news on vaccine work from the University of Oxford.

Today, market participants will be keeping an eye on the GDP number that will be released from China. There are hopes that the number could come in better-than-estimates and could support the overall market sentiment.

“We expect USDINR (Spot) to quote in the range of 75.05 and 75.50,” Motilal Oswal Financial Services said.

Euro continued to move higher ahead of the important ECB Policy statement that will be released today. Policymakers at the central bank are expected to hold key rates unchanged but this time it is expected that they may have a more optimistic outlook on the economy as compared to the previous projections as the economy starts to reopen.

The central bank is expected to reiterate its dovish outlook and also maintain its stance to supporting recovery.


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