The Indian rupee opened 6 paise stronger at 85.58 against the US dollar on Thursday, compared to its previous close of 85.64 on Wednesday. This slight appreciation comes amid a mixed global economic landscape and ongoing fiscal concerns in the United States.
Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, expects the Rupee to trade in the range of 85.25 to 85.75. "Exporters can hedge at 85.70-75, while importers may wait to hedge closer to 84.25-50," he advised.
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The US dollar faced pressure due to fiscal concerns and a lackluster auction of Treasury bonds, which pushed the dollar to a two-week low against the yen, now at 143.24. The dollar index remained unchanged at 99.48, while the US 10-year Treasury yield rose to 4.59%.
US President Donald Trump's continued efforts to pass his spending and tax-cut bill through Congress have added to the market's uncertainty, Bhansali said. The recent 20-year bond sale reinforced the 'Sell America' narrative, impacting bond yields and Wall Street, with the S&P 500 falling by 1.61% and the Dow Jones by 1.91% overnight, he added.
In the commodities market, Bitcoin reached an all-time high, and gold prices surged to $3,338 per ounce, benefiting from safe-haven demand. The euro, yen, and gold emerged as the main beneficiaries of this trend.
Brent oil prices fell to $64.78 per barrel after data showed a surprise buildup of inventory, coupled with uncertainty over renewed US-Iran nuclear talks, fueling oversupply concerns, Bhansali said.
In Asian markets, the Nikkei was down 0.89% as Japan's Manufacturing PMI shrank for the 11th straight month, the Hang Seng dropped by 0.42%, and China was down 0.11% in morning trading.
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