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      Indian Rupee: Weakens in early trades against dollar

      MoM Team / Mumbai, Apr 10, 2017 10:46 AM IST

        Indian Rupee: Weakens in early trades against dollar

        The Indian rupee weakened against the dollar in early trades on Monday, 10 April 2017 on fresh demand for the American currency from banks and importers.

        Besides, dollar's strength against other currencies overseas also weighed on the rupee, but a higher opening of the domestic equity market capped the losses.

        The domestic currency opened at Rs 64.33 against the dollar and dropped further to a low of 64.50 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.4475.

        On Friday, the rupee continued its stellar rally against the dollar, surging 24 paise to end at a fresh 20-month high of 64.28 amid escalating geo-political trouble involving the US and Russia.

        Trading for the truncated trading week started on a positive note with a hint of caution as key indices traded with small gains. Indices extended the small gains posted last week. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 34.24 points or 0.12 percent at 29,746.40.

        The Nifty 50 index was up 13.90 points or 0.15 percent at 9,212.20. The gains were led by metal and energy stocks. Markets remain closed on Friday, 14 April 2017 on account of holiday.

        Overseas, Asian stocks were mixed as caution prevailed as increased geopolitical risks prompted investors to favour safe-haven bets such as government debt. US stocks closed with small losses on Friday, 7 April 2017, after increased geopolitical concerns amid US air strikes against Syria and weaker than expected nonfarm payrolls data weighed on sentiment.

        The Bureau of Labor Statistics reported Friday, 7 April 2017, nonfarm payrolls grew by just 98,000 in March, well below expectations, but the unemployment rate fell to a 10-year low of 4.5 percent.

        Meanwhile, the dollar hovered around three-week highs in Asia on Monday with geopolitical tensions in focus as the US moved an aircraft carrier group closer to the Korean peninsula and as concerns linger over a missile strike on a Syrian airbase last week remain.

        The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, rose 0.11 percent to 101.19.


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