Re gains 7ps to close at 83.37/$
USD-INR spot price is expected to trade in a range of Rs83.10 to Rs83.60
Mumbai: The rupee rises by 7 paise to close at 83.37 against the US dollar on Monday on positive domestic markets and a soft American currency. Forex traders said a decline in crude oil prices also supported the local unit. At the interbank foreign exchange market, the local unit opened at 83.40 against the greenback. The unit hit an intra-day high of 83.32 and a low of 83.45 against the greenback. The domestic unit finally settled at 83.37 against the dollar, 7paise higher from its previous close.
On Friday, the rupee appreciated by 8 paise to close at 83.44 against the US dollar. “We expect the rupee to trade with a slight positive bias amid easing of geopolitical tensions in the Middle East which improved global risk sentiments. Retreating US Dollar and crude oil prices may also support the rupee. However, any fresh aggressions in the Middle East may cap sharp upside. Investors may remain cautious ahead of PMI and inflation data from the US this week. USD-INR spot price is expected to trade in a range of Rs83.10 to Rs83.60,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 per cent higher at 106.17.
US Dollar eased as the tensions between Israel and Iran seem contained over the weekend.
