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Indian rupee likely to nudge higher at open on Monday
The rupee's move is coming on the back of its best weekly performance in more than four months on cooling US inflation
Photo: AFP
The Indian rupee is expected to inch up at open on Monday, with the focus being on the dollar index fares following last week's selloff and on overall flows.
Non-deliverable forwards indicate rupee will open at around Rs22.37-22.376 to the UAE dirham compared with Rs22.388 in the previous session.
The rupee's move is coming on the back of its best weekly performance in more than four months on cooling US inflation.
"That we did not sustain the drop below Rs82 (for USD/INR pair) makes me think that a quiet week is in the offing," an fx trader said.
"The dollar index will be the focal point this week and then you have the flows - equity and importers."
[Editor's Note: For real-time forex rates, click widget below or visit KT's dedicated Trading News page here.]
The dollar index was hovering just below 100 to begin the week while Asian currencies dropped, following last week's rally. Risk appetite was slightly soft.
With Federal Reserve officials in the quiet period ahead of the July 25-26 meeting, the focus will be on US data this week. Data on retail sales and industrial production is due on Tuesday while housing data is due on Wednesday and Thursday.
"Upcoming data is likely to hint at a softening growth story, though this is unlikely to deter the Fed from tightening policy again this month," ING Bank said in a note.
Meanwhile, India's merchandise trade deficit in June was in line with expectations at $20.1 billion, data released on Friday showed.
The monthly goods trade deficit is slowly reverting to levels around $20-22 billion and is at "manageable levels", Barclays said in a note.
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