Indian rupee recovers, trades lower at 73.85 per dollar

Rupee is expected to remain under pressure weighed by a further rise in long-term US Treasuries following non-farm payroll data

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The Indian rupee recovered a bit from the day low point. It is trading lower by 8 paise at 73.85 per dollar

It has opened lower by 18 paise at 73.95 per dollar versus Friday’s close 73.77.

Rupee touched a record low of 74.22 per dollar on Friday after central bank kept the repo rate unchanged at 6.50 percent but changed the stance from Neutral to Calibrated Tightening.

Rupee is expected to remain under pressure weighed by a further rise in long-term US Treasuries following non-farm payroll data. RBI held interest rates unchanged on Friday, condemning the rupee to a record low and surprising the street which had expected a rate rise to counter inflationary pressures arising from the weak currency and high oil prices, but they changed their stance from “Neutral” to “Calibrated tightening, according to Motilal Oswal.

US Treasuries tumbled for the third day after mixed US jobs data which showed that the unemployment rate declined to a 48-year low of 3.7% while the headline number of 134,000 job additions missed expectations. Average hourly earnings rose by 2.8% on year, in line with projections. The euro and sterling rose after the European Union’s top negotiator said an agreement for Britain to leave the economic bloc might be reached in the coming weeks. US banks will be closed in observance of Columbus Day, it added.

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