The last trading day of the week Commodity Market Expert saw weak spot in rupee. Rupee was under heaviness from the dollar and purchases of importers of banks and importers. Rupee rises 15 paise to 70.15 against US dollar in early trading on Friday.
However, the rupee opened at 70.10 against the dollar in the morning. Due to the purchase of foreign institutional investors in the stock market, the rupee had gained against the dollar in the third session on Thursday. In the last three seasons, the rupee was strengthened by 92 paise.
Rudra Investment Financial Services has said in its report, "Today the pair of dollar and rupee can remain in the range of 69.80 and 70.70
SEBI Registered Commodity Market Expert believes that the fall in the dollar and rupee (March contracts) can continue. Rupee has broken the short term support level. They said that the rupee was supported by the softening of crude oil prices and the softening of the Federal Reserve's Central Reserve Bank (not haste in interest rates).
The Euro has slipped against the dollar due to not changing the interest rates from the European Central Bank. The ECB has indicated further (2020) no increase in rates.
European Central Bank (ECB) has again offered cheap loans to banks to help bring the economy of the Eurozone back on track. In the domestic market there will be investors' eyes today on the non-form payroll data released in the US.
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