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Indian Rupee opens lower at 64.07 per Dollar

On Tuesday, the Rupee fell sharply by 55 paise against the Dollar at 64.03 after data showed that December trade deficit widened to a three-year high.

It ended at lowest level against the Dollar since December 28; posted biggest single session fall against the dollar since September 21.

Weakness in domestic equity market will influence the rupee to trade lower. The expect spot USD-INR to trade in a range of 63.80-64.20 for the day.

The Dollar edged lower, weakening against a basket of major currencies, while the euro inched higher following news that the European Central Bank might not adjust its policy stance at its January meeting.

Government bond market was rattled after the RBI DG asked banks to manage their interest rate risk efficiently. Bond yields rose by around 10-12 bps as market participants inferred a reduction in banks’ participation in the bond market going forward amid reports of treasury losses in their books and growing concerns on the demand-supply imbalance in FY19.

Although we see value at current levels, expect the new 10-year benchmark bond yield to trend higher towards 7.40-7.45 percent in the near term amid lack of bidding interest from market participants ahead of the scheduled auction on Friday.


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