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Rupee up 25 paise at 76.05 against the US dollar

Date: 03-04-2020
Subject: Rupee up 25 paise at 76.05 against the US dollar
The rupee on Friday opened 25 paise higher at 76.05 against the US dollarNSE -1.83 % on account of some selling in American currency by banks and exporters.

Forex market was closed on April 1 and April 2 on account of annual bank closing and Ram Navami, respectively.

Rupee consolidated in a narrow range in the previous sessions but there are expectations that the momentum for the currency continues to remain weak following broad strength in the dollar and as FIIs continue to remain net sellers in the equity and debt segment.

India’s fiscal deficit for the April 2019 to February 2020 period touched 135 per cent of the revised target of 3.8 per cent of GDP.

On the domestic front, market participants will be keeping an eye on FII activity especially after a month, which witnessed one of the biggest outflows.

“We expect the rupee (Spot) to quote in the range of 75.50 and 76.50,” brokerage firm Motilal Oswal Financial Services said in a report.

Data showed Americans filing for unemployment insurance skyrocketed last week as more than 6.6 million new claims were filed. The sudden shutdown from social distancing policies caused a cascade of joblessness unlike anything the nation has ever seen.

Today, from the US, focus will be on non-farm payrolls number and weaker-than-expected economic data could keep gains capped for the greenback.


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