Indian Rupee Inches Towards 74; Trades 30 Paise Lower At 73.87 Per Dollar

After a weak opening the rupee has slipped further, trading near to the 74 mark. Currently it is trading at 73.87 per dollar, down 31 paise.

It opened lower at 73.80 per dollar versus Friday’s close 73.56.

On Friday, rupee rose for the second successive session following drop in global crude oil prices and weakness in the dollar against its major crosses. Crude came under pressure after OPEC cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets, said Motilal Oswal.

On the domestic front, data released by CSO showed India’s inflation in September rose to 3.77% compared from 3.69% in the previous month. On the other hand, industrial production fell to 4.3% in August compared to 6.5% in the previous month. The volatility in the IIP growth rate indicates that industrial recovery remains uneven and fragile ahead of the festive season. Today, USD-INR pair is expected to quote in the range of 73.50 and 74.05, it added.

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