The Indian rupee opened with marginal gains against the US dollar on October 27. The rupee opened higher at 95.16 per dollar, compared with Monday’s close of 95.19.
According to Finrex, the Rupee to open at 95.20 with Non allotted JIO IPOs outward flows to go through today. Brent oil rose to $ 117.40 but has again come down to $ 114.72 but remains well bid on lower levels. The dollar index moved higher and again crossed 102 levels this morning with Euro falling to 1.1168. This will keep dollar well bid against rupee in today’s trade.
Forward premiums have come off from the highs seen last week as markets settle down. However, with spot rising the advantage of the fall in forward premiums has been frittered.
Exporters to keep selling the upticks and take advantage of the Forward premiums which are still above 4% on all maturities and higher for January-March. Importers to keep buying the dips, it added.
Asian currencies traded mixed against the US dollar, with the Indonesian rupiah leading losses, down 0.30 percent, followed by the Japanese yen, which fell 0.15 percent. The South Korean won declined 0.08 percent, while the Singapore dollar and Philippine peso slipped 0.05 percent and 0.04 percent, respectively.