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Rupee opens flat at 73.30 against the US dollar


Date: 16-10-2020
Subject: Rupee opens flat at 73.30 against the US dollar
Mumbai: The rupee opened flat on Thursday amid weakness in domestic equities and a stronger US dollar as concerns about resurgent Covid-19 infections hurt investor sentiment.

The rupee opened at Rs 73.30 against the US dollar, unchanged from Wednesday’s close.

The US dollar inched higher as rising coronavirus cases and scant progress towards a US stimulus deal unsettled investors, Reuters reported.

On the domestic front, lack of cues is likely to keep the volatility low for rupee.

“In the next couple of sessions, the currency would be more influenced by global cues than by domestic cues,” Motilal Oswal analysts said in a note.

“We expect USDINR (Spot) to quote with a positive bias and in the range of 73.05 and 73.50,” they added.

On Wednesday, rupee opened on a flat note but gained in the latter half of the session following broad weakness in the dollar against its major crosses.

In the last couple of sessions volatility in the pound has remained very high following comments from various ministers from the EU or the UK.

Some sources suggest that the European Union and Britain are set to prolong Brexit talks past a mid-October deadline to try to bridge stubborn gaps holding up a new trade agreement. As the EU summit starts today, there is likely to be heightened volatility and comments are likely to influence a move for the currency.

Source:-economictimes.indiatimes.com

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