Indian rupee is expected to open little changed against the dollar

Indian rupee is expected to open little changed against the dollar

21 May 2019 08:42 AM
 
The Indian rupee is expected to open little changed against the dollar amid mixed regional cues on U.S-China trade. The rupee is likely to be in a range of 69.72-69.77 in early trade versus the dollar compared with its previous close of 69.74. Rupee bulls will be mildly disappointed by yesterday’s session.  After climbing above 69.40 in early trades yesterday, the rupee progressively declined through the session on the back of position paring by speculators.  The rupee will likely have another leg higher if the actual election results on Thursday are in-line with exit polls, but before that, a quiet couple of days are on the cards.
The trade conflict will dominate the discourse in Asia for a long time. However, for this week and probably the next, global cues will not have any major impact on the direction of the rupee.
In Asian equities, stocks in Hong Kong and Japan dropped by up to 0.4%, while South Korean shares edged higher. In currencies, the Chinese yuan rose, while the Thai baht and the Malaysian ringgit slipped.

 

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