Rupee Edges Higher To 68.81 Against Dollar

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The rupee on Thursday moved in a range of 17 paise against the dollar on Thursday. After opening a strong note at 68.76 against the dollar, the rupee moved between 68.72 and 68.89 against the greenback during the session at the days strongest and the weakest levels respectively. In the afternoon deals, the rupee traded largely unchanged at 68.81 against the US currency as against its previous close of 68.82. Gains in the Asian peers and selling of the dollars by exporters provided support to the rupee against the greenback.

However, the upside was kept in the check by weakness in the capital markets and continued foreign fund outflow.

The dollar index was down 0.2 per cent against a basket of major currencies on Thursday. It climbed to a one week peak in the previous session on the robust US retails sales, but nudged lower as Treasury yields fell in the wake US housing market data and concerns about the unresolved US-China trade conflict.

The lack of progress on the trade talks between US and China would unnerve markets, said forex advisory firm IFA Global in a note. The optimum would gradually begin to fade if there are no developments, it added.

Analysts expect volatility in the markets to continue as more large-cap companies report their quarterly earnings.

Foreign investors, meanwhile, sold shares worth 16.97 core on a net basis on Wednesday, according to provisional data from NSE.

Meanwhile, crude oil prices were mixed on Thursday. Brent crude futures -the global benchmark for crude oil -were last seen trading up 6 per cent, at $63.72 barrel, after falling 1.1 per cent the previous day.

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