Equity Service-Indian rupee opens at fresh record low of 71.28 per dollar

Equity Service-Today, USD-INR pair is expected to quote in the range of 70.70 and 71.30 

The Indian rupee opened at another fresh record low of 71.28 per dollar on Tuesday versus previous close 71.21. Yesterday the rupee closed to a record low of 71.21, down 22 paise from the Friday’s close of 70.99, after hitting an intraday low of 71.23.

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The rupee had a positive start on Monday as it opened higher by 19 paise at 70.80 per dollar but it reversed all its morning gains and closed lower on the back of concerns over rising crude oil prices.

Anand James Chief Market Strategist at Geojit Financial Services said, “Rupee’s breach beyond 71 is not a surprise. The causative factors like the deficit, growth concerns, oil, FII outflows, etc. have been much commented on in the last few months.”

“While the rupee took 8 months since the start of this year to depreciate from 64 to 71, the depreciation of 2013 from 53 to 68.8 happened in just 5 months.”

“The ongoing depreciation has the room till 73, but the journey till there is less likely to be steep, as ongoing trade war tensions and a higher likelihood of only a gradual US rate hike will ensure that we may not have any runaway rally in US dollar or weakness in rupee. This suggests stocks’ dips on account of weak rupee will be an investment opportunity. But, only as long as oil doesn’t push above 80,”

According to Motilal Oswal report, the rupee consolidated in the higher range of 71 and 71.30 levels and today is expected to open at fresh record low levels following broad strength in the dollar and weakness in major Asian currencies.

On the domestic front, FPIs in India sought SEBI’s immediate intervention over its April 10 circular. The circular had asked FPIs to comply with KYC norms by December 31, 2018.

Economic numbers released last week were better-than-expectation that supported the rupee in the first half of the session but experienced selling in the latter half of the session. Today, USD-INR pair is expected to quote in the range of 70.70 and 71.30, it added.

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