The Indian rupee opened lower by 8 paise at 71.36 per dollar on Monday versus Friday's close 71.28.

"Moody's decision to change its outlook to negative from stable is a matter of concern. But it is unlikely to have major impact on the rupee in the near term," said Rushabh Maru, Research Analyst - Currency and Commodity, Anand Rathi Shares and Stock Brokers.

"There is lot of optimism regarding the trade deal between the US and China. Hence this may provide relief to the rupee."

"Domestic and global equities remain strong. This may also support the rupee. Focus will now shift to India's macroeconomic data to be released in the next week. In the near term the rupee may trade in the range of 70.80 and 71.60," he added.

Oil prices fell on Monday on renewed caution over the prospects of a trade deal between the United States and China, with investors shrugging off comments over the weekend by US President Donald Trump that talks were going well.

The dollar held near multi-week highs amid optimism that the United States and China would roll back tariffs that have hurt global growth.

The dollar-rupee November contract on the NSE was at 71.35 in the previous session. Open interest declined 2.97% in the previous session, said ICICIdirect.

We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.

Published On : 11-11-2019

Source : Money Control