Forex

1The Indian rupee declined 12 paise to 74.35 against the US dollar in opening trade on Friday, tracking strength of the American currency in the ...

The dollar index fell 0.05 per cent to 94.29

Domestic unit slips amid lacklustre trend in domestic equities and strengthening of the American currency overseas

Forex traders said rupee is trading in a narrow range as weakness of Asian currencies, firm crude oil prices and strong dollar weighed on the domestic unit

According to analysts, the volatility on the domestic equities and mixed cues from global financial markets put the rupee under pressure.

Central bank action caps Beijing’s crackdown over the past year;

Tracks strong greenback in the overseas market, in line with other Asian currencies

Dollar index drops lower

Tracks strong greenback in the overseas markets

Tracks weakness in American currency overseas

The domestic unit fell tracking weaker Asian currencies amid sell-off in equities

INR opened flat at 73.49 against the greenback and witnessed an intra-day high of 73.42 and a low of 73.55.

Firm crude oil prices restricted the rupee's gains

In the short-term, the INR is likely to stay within 73.40 and 73.85

The move comes amid a series of crackdowns that are re-shaping China’s economy

Dollar index trades lower at 92.61

But India has increased holding of US treasury instruments by 20% since last June

Strong US dollar pushed the rupee on the defence

The local unit recovered from lows following gains in equities and the US dollar reversing its three-day rise in overseas markets

The rupee depreciated in line with other Asian currencies.

On a weekly basis, the INR has appreciated by 67 paise against the US dollar.

Dollar index falls a shade to 92.39

It snaps a 4-day winning streak on muted domestic equities and a strengthening greenback overseas.

The Indian unit is likely to advance towards 72.30 in the short term