Rupee rises 11 paise against US dollar
NEW DELHI: The rupee rose by 11 paise to 66.50 against the US dollar in early trade on Tuesday, as currency markets globally stabilised a bit following Monday’s sharp fall on China woes.
The domestic currency had tumbled by 47 paise to 66.61 against the greenback in the previous session. The yuan recovered and traded 0.12 per cent higher at 6.52.
The Japanese yen rose 0.15 per cent to 119.28 to the US dollar. The Taiwanese dollar added 0.47 per cent to 33.08. The Indonesian rupiah and the Korean won, meanwhile, fell 0.22 per cent and 0.21 per cent, respectively.
The Thai baht, the Singapore dollar and the Malaysian ringgit inched lower.
Emerging market currencies, equities and commodities had witnessed heavy selling on Monday after December PMI data suggested that the Chinese economy was still not out of the woods.
Chinese Caixin PMI manufacturing contracted for the 10th consecutive month to 48.2 in December from 48.6 in November. All eyes are now on the minutes of US Fed Reserve’s December 16-17 meeting to be released on Wednesday. The FOMC will have its next two-day policy meeting in Washington on January 26-27.
“Domestically, the focus will be on the government debt limit tranche for foreign portfolio investors (FPIs). The rupee, therefore, is likely to stay in the 65.9-66.4 range to the dollar,” India Ratings said in a note.
“Among key data points, the release of private US payroll report and minutes of the December meeting of Federal Open Market Committee (FOMC) are lined up for the week. This will be followed by an official report on US’ December employment data to be out on Friday. Later in the week, China will release its December retail and producer price inflation numbers,” the Ind-Ra said.
Read full article: Economic Times
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