Rupee Moves Higher To 71.05 Against Dollar

Rupee Moves Higher To 71.05 Against Dollar

The rupee gained some strength against the dollar on Thursday. At the days highest point, the rupee touched 71.05 against the greenback, marking a gain of 19 paise against the American currency. Weakness in the dollar overseas along with mild gains in the domestic equity markets supported the rupee, say analysts. A higher closing for the rupee against the dollar on Thursday would break a fall of 0.4 per cent – or 27 paise – registered in the past two sessions.
Here are five things to know about movement in the rupee against the dollar today (rupee vs dollar):
  1. The rupee opened higher at 71.14 against the dollar on Thursday, and moved in a range of 71.26-71.05 during the session.
  2. It was last seen trading at 71.09 against the dollar in late afternoon deals.
  3. Domestic stock markets rose as much as 0.6 per cent in intraday trade but pared gains as caution prevailed ahead of expiry of monthly derivatives contracts.
  4. Analysts awaited key macroeconomic data due later in the day.
  5. The government is due to release GDP data for the quarter ended December 31, 2018 and infrastructure output for January in the evening.
  6. The median forecast from more than 55 economists polled on February 19-25 was for GDP growth of 6.9 per cent, compared with 7.1 per cent in July-September, news agency Reuters reported.
  7. If the projection comes true, it would mark the slowest pace of growth in GDP registered since the second quarter of financial year 2017 -18.
  8. Weakness in crude oil prices also supported the rupee, say analysts.
  9. Crude oil prices fell on Thursday in anticipation of tightening supply going forward. Brent crude futures – the international benchmark for crude oil – were last seen trading 0.5 per cent lower at $66.04 per barrel.
  10. At Wednesday’s closing level, the rupee is down 2.1 per cent so far this calendar year.

[“source-ndtv”]