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Rupee opens 17 paise down at 70.67 against dollar

The domestic unit on Tuesday settled 4 paise down at 70.50 against the US dollar.|
Dec 05, 2018, 09.31 AM IST
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Increased demand for American currency from importers pressurised the local currency.
The rupee on Wednesday opened 17 paise down at 70.67 against the US dollar ahead of the monetary policy outcome later in the day. Increased demand for American currency from importers further pressurised the local currency.

The domestic unit on Tuesday settled 4 paise down at 70.50 against the US dollar.

Foreign funds withdrew Rs 55 crore on a net basis from capital markets, provisional data available on NSE showed.

Crude also got some support at lower levels after comments from Qatar energy minister where he mentioned that the nation will quit the Opec.

“Today on the domestic front market participants will be keeping an eye on the RBI policy statement, wherein the central bank is expected to hold rates unchanged but they focus will be primarily on inflation forecast report, which the central bank could trim following plunge in global crude oil prices. USDINR pair is expected to quote in the range of 70.30 and 71.20,” Motilal Oswal Financial Services said in a report.

Dollar on the other hand rose against its major crosses after US president threatened to place “major tariffs” on Chinese goods imported into the United States if his administration is unable to reach an effective trade deal with China. Most market participants are cautious as the trade war concerns have resurfaced and that could keep the volatility high for major crosses.

Today, from the US, no major economic data is expected to be released but focus will now shift to OPEC meeting that will provide further trigger to crude oil prices.

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