Rupee Depreciates 15 Paise to 82.77 Against US Dollar

Analysts noted that better-than-expected data could take the dollar even higher and the market will keenly lookout for services PMI and factory order numbers from the US this week.

The rupee stood at 82.62 against dollar on Friday.

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The rupee fell 15 paise to 82.77 against the US dollar in early Monday trade. The domestic unit opened at 82.71 and touched 82.77 in the interbank foreign exchange, declining 15 paise over the last close. 

The rupee stood at 82.62 against dollar on Friday. The dollar index declined marginally by 0.06 per cent to 104.17, reported PTI. The dollar index measures it’s strength against a basket of six currencies. The market will keenly lookout for services PMI and factory order numbers from the US this week. 

Motilal Oswal Financial Services’ forex and bullion analyst, Gaurang Somaiya, noted that better-than-expected data could take the dollar even higher. He added, “We expect the USDINR (Spot) to trade sideways with a negative bias and quote in the range of 82.30 and 82.80.”

Meanwhile, the two key equity benchmarks, Sensex and Nifty, opened in green on Monday. The BSE Sensex gained more than 100 points to start the session at 65,525.91. On the other hand, the NSE Nifty opened above the 19,500 mark at 19,525.05. 

On the 30-share Sensex platform at 9:48, Tata Steel, JSW Steel, LT, TechM, Maruti, UltraCemCo, Wipro, HCL Tech, HDFC Bank, Kotak Bank, Reliance, Bajaj Finance, IndusInd Bank, Bajaj Finserv were trading in the green. On the downside, TCS, Hindustan Unilever, M&M, ITC, Axis Bank, Asian Paints, and ICICI Bank emerged as early losers among others. Among specific stock, Tata Steel emerged as the biggest gainer on the BSE after trading at 4 per cent gains as of 9:51 in the morning. 

In the broader markets, Nifty Midcap 100 gained 0.67 per cent, while Nifty Smallcap 100 indices went up over 1 per cent. Sectorwise, Nifty Metal indices jumped more than 2 per cent hitting a record 52-week high, whereas Nifty FMCG indices was trading in the red.

The Brent crude futures increased 0.01 per cent to $88.56 per barrel taking in account a tighter supply outlook. The Brent crude is the global oil benchmark index.