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Rupee opens flat at 74.30 per dollar even as dollar softens against peers

Media reports suggest the prospect of even more easing from the Fed has kept the dollar on the defensive.

August 27, 2020 / 10:33 AM IST

The rupee opened flat at 74.30 per dollar on August 27 even as the US dollar softened against its global peers.

Media reports suggest the prospect of even more easing from the US Fed has kept the dollar on the defensive.

Amid growing speculation that Jerome Powell could unveil a softer policy stance towards inflation at the annual Jackson Hole retreat, investors are bracing for the Fed’s possible new steps to prop up the US economy.

"The dollar-rupee August contract on the NSE was at 74.28 in the last session. The open interest in the August series declined 11.68 percent while it increased 28.13 percent in the next series," said ICICI Direct.

The brokerage has a bearish view for intraday trade of USD-INR and suggests a target of 74.31 and a stop loss of 74.70.

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The rupee had settled 3 paise higher at 74.30 (provisional) against the US dollar on August 26 supported by positive domestic equities and sustained foreign fund inflows.

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Moneycontrol News
TAGS: #Rupee
first published: Aug 27, 2020 10:33 am

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