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Rupee opens 30 paise down at 71.77 against dollar

Wed Nov 13 2019

 

he rupee on Wednesday opened 30 paise down at 71.77 against the US dollar on fresh concerns over US-China trade deal amid dismal industrial production number that was released on Monday.

 

The local currency on Monday declined 19 paise to a near one-month low of 71.47 against the greenback. The forex market was closed on Tuesday for a public holiday.

 

The country’s factory output shrank to the lowest level in eight years as all three broad-based sectors of capital goods production, consumer durables, and infrastructure and construction goods contracted.

 

The Index of Industrial Production (IIP) fell 4.3 per cent in September as compared to a contraction by 1.4 per cent in August 2019 and a growth of 4.6 per cent in factory output in the same month a year back, data released by the Ministry of Statistics showed on Monday.

 

The second straight month of contraction has taken the IIP to its lowest level since it shrank by 5 per cent in October 2011.

 

On a quarterly basis, the second quarter of 2019-20 fiscal (July-September) saw IIP contracting by 0.4 per cent (Q1 3 per cent expansion and 5.3 per cent growth in Q2 FY19).

“On the domestic front, market participants will be keeping an eye on the inflation number and pick up the number could further weigh on the rupee. Today, USDINR pair is expected to quote in the range of 71.50 and 72.20,” Motilal Oswal Financial Services said in a report.

 

Dollar consolidated against its major crosses in the last few sessions but rose marginally in yesterday’s session after US President Donald Trump said a trade deal with China was “close” but offered no new details on negotiations.

 

From the US, focus will be on Fed Chairman’s testimony wherein he is expected to provide some cues on what stance the central bank could adopt in the near future. On the economic calendar, retail sales number will also be important and a growth number could extend gains for the greenback.

 

Source: https://economictimes.indiatimes.com

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