Rupee Opens 16 Paise Down At 73.43 against Dollar

October 31, 2018

Today, it was seen that the rupee opened 16 paise down at 73.43 against the US dollar following steady capital outflows and weakness in domestic equities amid rising geopolitical tensions. The rupee on Thursday settled 11 paise down at 73.27 against American currency.

Meanwhile, domestic equity markets opened in the red following weak global cues. The BSE Sensex was 162 points, or 0.48 per cent, at 33527.48 in opening trade, while the NSE Nifty index was down 57.20 points, or 0.56 per cent, at 10,067.70 at around the same time. India’s fiscal deficit for the period April to September stood at Rs 5.94 lakh crore at the end of September that’s 95.3 per cent for the full year target. The gap had stood at 91.3 per cent in September last year. According to Motilal Oswal Financial Services, volatility for the currency was confined to a narrow range ahead of the important ECB policy statement that was released later during the day.

Analysts believe that today, USDINR pair is expected to quote in the range of 73.05 and 73.60. Yesterday, dollar rose against its major crosses after the ECB reaffirmed that its 2.6 trillion euro ($3 trillion) asset purchase scheme will end this year and interest rates could rise after next summer. The ECB governor acknowledged a loss of growth momentum and a “bunch of uncertainties” from trade protectionism and market volatility. Today, market participants will be keeping an eye on the advance GDP number; expectation is that the growth number could disappoint and keep gains capped for the dollar.
 

About nehanchal

I am Nehanchal. 3 years ago, I started my career as content writer at Money classic Research. I am fascinated with this job and I feel habit of reading and writing enhances your skills. I love to write technical and health blogs. However, I am engineer turned writer and pursued graduation at Rajiv Gandhi Prodyogiki Vishwavidhyalaya.
By: nehanchal

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