Indian Rupee Opens at 68.5650 Per Dollar
Indian rupee opens at 68.5650 per dollar: The Indian rupee opened slightly lower at 68.5650 per dollar on Monday vs. previous close 68.52. The rupee fell on Friday, ahead of the trade balance number that was released post market hours. India’s trade deficit for June widened to the highest level driven largely by a surge in oil prices. Merchandise exports rose 17.57 per cent year over year (Y-o-Y) in June, the trade deficit widened to USD 16.6 billion from USD 14.62 billion in May. Oil imports during April- June 2018-19 were valued at USD 34.64 billion which was 49.44 per cent higher as compared to the same period last year. Merchandise exports last month rose to USD 27.7 billion from a year ago, while imports rose 21.31 per cent Y-o-Y to USD 44.3 billion. Data released by the RBI showed India’s FX reserves fell another USD 248 million to USD 405.81 billion for the week ended 6th July suggesting that the central bank continues to intervene to curtail volatility of the currency. Today, USD-INR pair is expected to quote in the range of 68.40 and 68.95. -PTC News
