Rupee opened higher, Dollar steady vs. major currencies

Tuesday,   22-Aug-2017   09:08 AM (IST)

The Indian rupee opened the day higher at 64.09/10 levels compared to its previous close at 64.13/14 levels as geopolitical concerns keeps dollar under pressure. Snapping 2-day losing streak, benchmark indices opened higher today with Nifty reclaiming its 9,800-mark tracking gains in Asian markets after Wall Street ended higher in the overnight trade. Indian government bonds nearly flat in early trade ahead of state bonds auction later in the session. As per the technical indicators range for the USDINR pair may be 63.90-64.20 levels. Rupee has an immediate support at 64.14 levels. A breach of the same may see rupee at 64.24 followed by 64.32 levels. On the positive side rupee is likely to face resistance at 64.03 levels and if it is able to break the same then it may gain up to 63.94 levels followed by 63.85 levels.

The dollar held steady against a basket of currencies on Tuesday, with traders focusing on the annual central banking conference in Jackson Hole this week for insights on the outlook for monetary policy. The dollar index last stood at 93.101, having retreated from a three-week high of 94.145 set last Wednesday. The near-term focus is on a speech by U.S. Federal Reserve Chair Janet Yellen on Friday at the Fed's annual central banking conference in Jackson Hole, Wyoming. The greenback has been hampered in recent days by renewed investor concerns about the Trump administration's ability to implement its economic policy agenda. Persistent doubts about the prospects for another Fed interest rate hike this year, at a time of subdued U.S. inflation, have also weighed on the dollar.