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Rupee strengthens 8 paise in early trade

The local currency opened almost flat at 71.20 against the greenback.

ETMarkets.com|
Last Updated: Jan 10, 2020, 09.28 AM IST
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Market participants will be awaiting more clarity, but recent updates suggest that there will not be a further escalation, according to Motilal Oswal Financial Services.

The rupee appreciated nearly 8 paise to 71.13 against the US dollar as tensions in the Middle East receded and the US President addressed the nation and hinted towards de-escalating tensions between them and Iran.

The local currency, however, opened almost flat at 71.20 against the greenback.

Market participants will be awaiting more clarity, but recent updates suggest that there will not be a further escalation, according to Motilal Oswal Financial Services.

Iranian generals resumed their habitual barrage of warnings to Washington and US President Donald Trump said new sanctions had been imposed, as his Democratic rivals criticised his handling of the crisis.

“Today, USDINR pair is expected to quote in the range of 71.20 and 71.80,” Motilal Oswal Financial Services said.

The safe-haven yen fell to a more than a one-week low against the dollar as US and Iran moved away from an all-out conflict, prompting investors to take on more risky assets and focus more on an upcoming US-China trade deal.

Today, market participants will be keeping an eye on the non-farm payrolls number and better-than-expected number could extend gains for the dollar.

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