Indian rupee weakens against US dollar to 62:05, outlook for Tuesday sees more reverses

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SummaryIndian Rupee is trading with mild losses against US dollar, Euro and British Pound.

Indian Rupee is trading with mild losses against US dollar, Euro and British Pound. Against the US dollar, Indian rupee trading 20/25 paise weaker at 62:05/08.

Upmove in the US 10 year yields is hurting the emerging markets (EM) and Asian currencies. However, thin year end liquidity has not allowed for a bigger move in the pair.

In the morning, state run banks were heard to be buying US dollars, probably on behalf of PSU oilers. Tomorrow we can expect Indian rupee in a range between 61:80/85 and 62:15/20 on spot.

By Anindya Banerjee, Senior Manager, Broking-Currency Derivatives, Kotak Securities

(Views expressed here are those of the author)

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