Rupee gains over 10 paise in early trade, Auto News, ET Auto

Rupee gains over 10 paise in early trade, Auto News, ET Auto

NEW DELHI: The rupee was trading nearly 12 paise higher at 69.18 against the US dollar in early trade on Wednesday following strength in Asian currencies amid sustained foreign fund inflows.

Foreign investors (FIIs) remained net buyers in the capital markets, pouring in Rs 1,212.35 crore on a net basis on Tuesday, the provisional exchange data showed.

The domestic unit, however, opened 4 paise down at 69.33 in today’s trade against the previous close of 69.30 per dollar.

Market participants are cautious ahead of the important global events that are lined up on Wednesday. On the domestic front too, inflation and industrial production number will be released later this week.

Yesterday, IMF released its growth forecast report wherein it has trimmed growth figures for India as well as for other major nations.

“Today, USDINR pair is expected to quote in the range of 69.40 and 70.20,” brokerage firm Motilal Oswal Financial Services said in a report.

Dollar remained under pressure against its major crosses ahead of the important FOMC meeting minutes that will be released today.

Apart from FOMC minutes, market participants will be keeping an eye on ECB policy statement. The overall statement is expected to be dovish and could weigh on the Euro.

Source link