Rupee opens nearly 19 paise down at 68.15 against dollar

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NEW DELHI: The rupee opened nearly 19 paise down at 68.15 against the US dollar on Monday on account of buying of American currency by banks and importers. The local currency settled at 67.96 on Friday.

Meanwhile, domestic equity markets opened higher on Monday following mixed global cues. The BSE Sensex opened 101.58 points, or 0.38 per cent, up at 26,860.81, while NSE Nifty opened 15.55 points, or 0.19 per cent, up at 8,259.35.

Rupee was trading around 22 paise down at 68.19 against dollar around 9.17 am (IST).

Mohammed Azeem Gaziani, analyst-technicals, currencies, Nirmal Bang Commodities in a research report said, “It is expected that rupee will trade sideways to down on Monday. The currency is expected to trade in the range of 68-68.30 against dollar on Monday.”

Amar Ambani, Head of Research, IIFL said, “Indian rupee has pared recent gains, influenced by downward revision of growth estimates.”

The GDP growth is estimated to come down to 7.1 per cent in the current financial year, from 7.6 per cent in 2015-16, mainly due to slump in manufacturing, mining and construction sectors, the government data showed on Friday without factoring in ‘volatile’ post-demonetisation figures.

Asian markets were also trading higher in morning trade on Monday, supported by a strong Wall Street, and the dollar stood tall against rivals after the latest US payrolls data indicated strong underlying wage growth, strengthening the case for more rate increases in 2017.