Monday, 20 February 2017

Rupee opens lower at 67.06 per dollar

The Indian rupee opened lower by 5 paise at 67.06 per dollar on Monday versus Friday's close 67.01. Despite positive cues from equity market, the rupee is expected to trade with a negative bias. The trading range for the spot USD-INR pair is seen between 66.80-67.20/dollar." The euro struggled for traction against the dollar and yen after suffering significant losses at the end of last week on renewed concerns about the upcoming French elections. 

For now, the dollar was held in check by the relative strength of the yen. Hopes of developments in fiscal stimulus plans under US President Donald Trump have also not materialized yet, adding to the drag on the dollar.

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