Rupee touches 75.15 against dollar, reaches 20.47 vs dirham
Indian rupee opened marginally higher at 75.15 per US dollar to quote at Dh20.47 on Monday against Friday's close of 75.20, amid heavy buying seen in the domestic equity market.
India's forex reserves rose a whopping $6.5 billion in the week ended July 3, to a record $513.3 billion.
Abhishek Goenka, Founder and CEO, IFA Global, said: "We are likely to see another big increase in next week's data. Looking at the price action in rupee it seems the central bank is looking to use bouts of dollar weakness to correct rupee overvaluation. During periods of dollar strength, we may see the rupee depreciate to remain somewhere in the middle of the pack of its peer group counterparts. Asian currencies are stronger against the dollar. The rupee is likely to trade 74.90-75.30 intraday. 75.40-50 zone is likely to act a strong resistance."
The dollar index against a basket of major currencies slipped 0.2 per cent in early Monday trade to 96.452.
The US dollar edged down in Asian trade on Monday as investors looked to looming economic data from around the world and US corporate earnings to gauge whether the markets' guarded optimism on the economic outlook is justified.
The greenback had ended its third week of losses on Friday as investors bought into risk-sensitive currencies on bets that the worst of the pandemic's sweeping impact was over. - with inputs from Reuters, [email protected]