The Indian rupee is expected to weaken against the dollar tracking the decline in regional currencies and equities. U.S. elections and fiscal stimulus developments remained the main area of focus for investors.
The rupee will be quoted around 73.65-73.70 in early trades compared with 73.58 in the previous session.
Yesterday, the currency dropped about 12 paisa after opening on a positive note. Traders attributed dollar bids by three state-owned banks for the decline.
In Asia trading, equity gauges of Hong Kong, South Korea, Japan, and Australia were down about 0.6% each. Futures suggested that the S&P 500 Index could add to yesterday’s losses.
The dollar index added 0.2% to reach 92.75, pulling Asian currencies lower. The South Korean won dipped 0.2% and the onshore Chinese yuan lost 0.1%.
04 Dec 2020 04:48 PM
India's benchmark stock index retreated to close above 45,000 points for the first time ever as the RBI upgraded its GDP target for the current fiscal year and kept interest rates steady amid high inflation.
04 Dec 2020 03:57 PM
Indian rupee stayed higher tracking uptick in regional peers
04 Dec 2020 11:51 AM
Indian equities touched record highs after the RBI kept interest rates steady due to high inflation, and retained its accommodative monetary policy stance
04 Dec 2020 11:35 AM
Yuan rose to a fresh 2 1/2-year high against a weakening dollar, despite fresh signs of tension between the US and Chinese economy.
04 Dec 2020 11:01 AM
Gold prices strengthened and are on track for their first weekly gain in a month, as growing optimism over a U.S. fiscal stimulus deal pressured the dollar and boosted Gold appeal as an inflation hedge.
04 Dec 2020 10:44 AM
Indian rupee was trading at 73.73/73.74 compared to 73.90/ 73.91 in the previous session, as the Dollar Index continued to decline in anticipation of the U.S. monthly non-farm payrolls report.