The Indian rupee gained in the early trade on Monday. It has opened higher by 26 paise at 67.52 per dollar versus 67.78 yesterday.
Rupee after weakening for six consecutive weeks rose against the US dollar following ease in global crude prices and suspected RBI intervention at higher levels, as per Motilal Oswal report.
In the past few sessions RBI has been actively intervening to curb the volatility for the rupee. RBI data released, on Friday, showed reserves dropped by USD 2.6 billion for the week ended May 26 and in this month reserves have dropped by USD 11 billion. Currently India’s FX reserves stands at USD 415 billion after hitting a high of USD 424 billion earlier this year.
This week, on the domestic front, market participants will be keeping an eye on fiscal deficit and GDP numbers to gauge a view for the rupee. For the day, the USD-INR pair is expected to quote in the range of 67.30 and 67.80, it added.
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