USD/INR on rises above 52 ahead of Spanish debt auction... Indian rupee reversed its early gains and tumbled to its lowest level in three-months against the US dollar on Wednesday after state-run banks stepped up to buy dollars on behalf of oil importers. In addition, sharp fall in Euro and other risky currencies in European hours on resurface of Spain debt concern further fueled weakness in local currency.
Finally, it was trading at 51.77/78 per dollar, closed to its fresh three-month low at 51.80- a level not seen since Jan. 16 and 0.6% weaker than Tuesday’s close of 51.48/49 per dollar.
Indian rupee is likely to open slightly weaker against the US dollar in sync with other Asian currencies tracking broader strength in US dollar as Euro-zone debt concern mounted ahead of 10-year Spanish debt auction later today but major currencies recovered from overnight low on rumour that China will lower CRR. However, at domestic front robust dollar demand by oil importers and defence related payment might weigh on rupee.
Finally, it was trading at 51.77/78 per dollar, closed to its fresh three-month low at 51.80- a level not seen since Jan. 16 and 0.6% weaker than Tuesday’s close of 51.48/49 per dollar.
Indian rupee is likely to open slightly weaker against the US dollar in sync with other Asian currencies tracking broader strength in US dollar as Euro-zone debt concern mounted ahead of 10-year Spanish debt auction later today but major currencies recovered from overnight low on rumour that China will lower CRR. However, at domestic front robust dollar demand by oil importers and defence related payment might weigh on rupee.
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