Rupee Rises Tracking Weak Dollar

Rupee Rises Tracking Weak Dollar

29 Oct 2018 10:40 AM
 
Myforexeye Research Report

The Indian rupee rose against dollar in early trade, tracking broad weakness in the greenback as Wall Street extended losses despite upbeat U.S. third-quarter economic output data. However, dollar demand from oil and other importers limited further gains.

The rupee changed hands at 73.35 to a dollar, against 73.4550 at the previous close. The currency opened at 73.35 and has so far traded in a 10-paisa band. Other Asian currencies traded mixed against the dollar. Chinese yuan led the losses.

Most Asian shares swung between gains and losses and were last trading mixed. The benchmark BSE Sensex was up 0.5%, after dropping to seven-month low on Friday.

Traders now await the non-farm payroll data due later this week for further cues ahead of Federal Reserve’s monetary policy meet on Nov. 7 and Nov. 8.

 

 

 

 


Date : 29-Oct-2018

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