 "Rupee")
The rupee gave up some early gains to settle seven paise higher at 82.72 per US dollar on Friday after a choppy trade. The local currency opened 21 paise stronger at 82.57 per US dollar as against the previous day's close of 82.79 per US dollar due to a fall in the Dollar index, dealers said. The Dollar index fell after the US core PCE Price index came along the expected lines of 0.2 per cent, and the unemployment claims were at 228,000, lower than the market expectations of 236,000.
However, the rupee gave up early gains as oil companies bought dollars in the domestic market after Brent crude oil rose to $87 per barrel in international markets.
“As Brent oil raced towards $87 per barrel, oil companies came to buy dollars and took the rupee to 82.75 per US dollar from 82.59 per US dollar before the non-farm payroll data (NFP) from the US was released. The Asian currencies were all up as KRW (Korean Won) was up to 1,319 and CNH (Chinese Yuan) was up to 7.27 from 7.30. A positive surprise with an NFP print of above 200,000 could provide a boost to the USD, forcing the Euro under bearish pressure heading into the weekend,” said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
The Indian rupee is expected to stay in the range of 82.50 and 82.90 per US dollar on Monday, dealers said.
