Rupee Opens Stronger Against US Dollar Amid Global Uncertainties
The rupee is likely to continue moving within the broader range of 85.50–86.50, according to Jateen Trivedi of Commodity And Currency.
The Indian rupee opened 4 paise stronger against the US Dollar, trading at 86.25, compared to Monday's close of 86.29.
The strong open came after fourth consecutive session of rupee weakness against the US Dollar, which is indicative of an uncertain global market scenario that is playing out.
The local currency's stronger opening against the greenback comes against the backdrop of uncertainties over trade negotiations between the two countries.
Rupee faced pressure in Monday's trading session on account of NATO’s warning of secondary sanctions on Russian oil imports, Rahul Kalani, VP - Commodities at Mehta, Equities noted.
"The rupee came under pressure following NATO’s warning of secondary sanctions on Russian oil imports—lending additional support to gold and silver in local markets," he said.
Jateen Trivedi of Commodity And Currency believes rupee will continue to trade in the broader range of 85.50 to 86.50, adding that Manufacturing and Services PMI data will be a key monitorable.
"Key economic indicators such as Manufacturing and Services PMI will be closely tracked by market participants. The rupee is likely to continue moving within the broader range of 85.50–86.50," he said.
