AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 126.91 Decreased By ▼ -1.08 (-0.84%)
BOP 6.66 Increased By ▲ 0.06 (0.91%)
CNERGY 4.50 Decreased By ▼ -0.10 (-2.17%)
DCL 8.52 Increased By ▲ 0.04 (0.47%)
DFML 41.49 Increased By ▲ 0.01 (0.02%)
DGKC 86.99 Increased By ▲ 0.41 (0.47%)
FCCL 32.34 Increased By ▲ 0.20 (0.62%)
FFBL 64.79 Decreased By ▼ -0.63 (-0.96%)
FFL 10.26 Increased By ▲ 0.01 (0.1%)
HUBC 109.52 Decreased By ▼ -0.97 (-0.88%)
HUMNL 14.80 Increased By ▲ 0.05 (0.34%)
KEL 5.08 Decreased By ▼ -0.05 (-0.97%)
KOSM 7.45 Increased By ▲ 0.33 (4.63%)
MLCF 41.29 Decreased By ▼ -0.36 (-0.86%)
NBP 60.49 Increased By ▲ 0.40 (0.67%)
OGDC 189.70 Decreased By ▼ -4.99 (-2.56%)
PAEL 27.76 Decreased By ▼ -0.19 (-0.68%)
PIBTL 7.79 Decreased By ▼ -0.21 (-2.63%)
PPL 149.73 Decreased By ▼ -1.44 (-0.95%)
PRL 26.70 Decreased By ▼ -0.18 (-0.67%)
PTC 16.00 No Change ▼ 0.00 (0%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.70 Increased By ▲ 0.31 (4.19%)
TOMCL 35.40 Decreased By ▼ -0.27 (-0.76%)
TPLP 8.10 Increased By ▲ 0.19 (2.4%)
TREET 16.42 Increased By ▲ 0.53 (3.34%)
TRG 53.15 Increased By ▲ 0.39 (0.74%)
UNITY 26.10 Decreased By ▼ -0.45 (-1.69%)
WTL 1.25 Decreased By ▼ -0.02 (-1.57%)
BR100 9,871 Decreased By -49.2 (-0.5%)
BR30 30,554 Decreased By -197.7 (-0.64%)
KSE100 93,398 Increased By 173.7 (0.19%)
KSE30 28,948 Increased By 63.2 (0.22%)

MUMBAI: The Indian rupee is expected to open higher on Thursday after the dollar index extended losses following a downward revision to U.S. economic growth in the second quarter.

Non-deliverable forwards indicate the rupee will open at around 82.62-82.64 to the U.S. dollar, compared with its close of 82.7325 in the previous session.

The currency has not been able to hold onto its opening gains in each of the last three sessions. It dropped to 82.80 on Wednesday.

Based on the recent price action and the modest moves on Asian currencies, “it will be no surprise” if the rupee struggles after the opening gains, a forex trader at a Mumbai-based bank said.

Asian currencies were up 0.1% to 0.2% after the dollar index fell for the third straight day on Wednesday to reach a two-week low.

Indian rupee falters after opening uptick on dollar demand from state-run banks

The dollar index dropped to near 103 and U.S. Treasury retreated after weaker-than-expected growth and labour market data lowered expectations that the Federal Reserve will raise interest rates further.

U.S. gross domestic product increased at a 2.1% annualized pace in the last quarter, lower than the preliminary estimate of 2.4% growth. Meanwhile, U.S. private payrolls increased by a lesser-than-expected 177,000 jobs last month.

“U.S. macro data continued the softer theme that started a few days earlier,” ING Bank said in a note.

The 2-year U.S. Treasury yield inched lower on Wednesday and U.S. equities rose.

India’s GDP data is due later in the day. India’s economic growth likely accelerated to 7.7%, the fastest annual pace in a year, on robust service sector growth, a Reuters poll found.

“The GDP data is not going to have much of an impact on the rupee,” the fx trader said.

Comments

Comments are closed.