USD/INR looks vulnerable to test $52... Indian rupee trimmed its early gains and tumbled to near three-month low against the US dollar on Tuesday as weakness in Asian and major currencies encouraged investors to prefer safe harbor US dollar, while persistent dollar demand by oil importer and choppy local shares further weighed on rupee.
At the end, the partially convertible rupee ended at day’s low at 51.48 per dollar, its lowest level since Jan16 and 0.7% weaker than Monday’s close of 51.15 per dollar.
Indian rupee is set to register a gap down opening around 51.62 vs. 51.48 against the US dollar tracking sharp decline in Asian currencies on capital outflow concern, while renewed Euro-zone debt concern after Spain borrowing cost hit its highest level in four-month also hurt the broader risk appetite. However, we expect exporters might sale dollars around 52 levels to cash their receivables on sharp depreciation in rupee.
At the end, the partially convertible rupee ended at day’s low at 51.48 per dollar, its lowest level since Jan16 and 0.7% weaker than Monday’s close of 51.15 per dollar.
Indian rupee is set to register a gap down opening around 51.62 vs. 51.48 against the US dollar tracking sharp decline in Asian currencies on capital outflow concern, while renewed Euro-zone debt concern after Spain borrowing cost hit its highest level in four-month also hurt the broader risk appetite. However, we expect exporters might sale dollars around 52 levels to cash their receivables on sharp depreciation in rupee.
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