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Rupee Opens Flat 74.69/US Dollar

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Rupee in Tuesday's trade (July 7, 2020) opened at 74.69 versus previous close of 74.685 per US dollar. This is even as dollar index trades at its one-month low.

 

In the previous session, the domestic currency gained to levels of 74.50 per US dollar but failed to hold on that level.

Rupee Opens Flat 74.69/US Dollar

"RBI's forex reserves rose $1.3 billion to $506.8 billion as on week ending 26th June. Given that the RBI balance sheet date is behind us, we may see central bank buy dollars less aggressively. It may only step in to contain volatility. We are likely to see USD-INR align more closely with Dollar/Asia and Dollar/EM," said Abhishek Goenka, Founder and CEO, IFA Global.

The yield on 10-year government bond stood at 5.846% versus previous close of 5.8360%.

Oil in today's session rose as major oil producers were seen sticking to output cuts, nonetheless spike in coronavirus cases in the US capped the gains. U.S. West Texas Intermediate (WTI) crude futures climbed 13 cents, or 0.3%, to $40.76 a barrel at 0103 GMT.Brent crude futures rose 7 cents, or 0.2%, to $43.17.

 

Meanwhile Indian equities amid mixed sentiment is trading steady, with Nifty above 10760 points while Sensex at 36546 points.

GoodReturns.in

Read more about: rupee dollar exchange rate
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