- Indian rupee recovers 31 paise to 61.85 vs US dollar on strong equitiesEquity market outlook: Nifty Jan Fut can test 6455 and 6520 levels, Ranbaxy Laboratories, SSLT stocks to watch Indian rupee extends gains for second week in a rowIndian rupee down 17 paise against dollar in early trade
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)