Rupee slips 13 paise; opens at 67.21 per dollar
The Indian rupee opened lower by 13 paise at 67.21 per dollar on Tuesday versus 67.08 Friday. Ashutosh Raina of HDFC Bank said, "The USD-INR pair continues to gain from recent lows on the back of improvement in risk sentiment, with oil and commodity prices moving higher, coupled with overall dollar weakness." "We expect the USD-INR pair to trade between 66.50-67.50/dollar in the near term," he said. The dollar fell against a basket of currencies as big gains in oil prices rekindled demand for the euro and commodity-sensitive currencies.
Aussie falls as China trade data far weaker than expected
The Aussie fell further as key trade partner Chine reported dismal February estimates of trade, though the Chinese New Year holiday slowdown was a key factor. AUD/USD traded at 0.7427, down 0.55%, while the safe-have yen gained with USD/JPY down 0.46% to 112.93. In China, trade data showed exports slumped 25.4% in February year-on-year, well below the 12.5% drop expected, and imports declined 13.8%, also below the 10% drop seen for a trade balance surplus of $32.59 billion, far short of the $50.15 billion expected.
Stocks of Religare Enterprises will remain in focus after its promoters, Malvinder Mohan Singh and Shivinder Mohan Singh, resigned from the board of the company.
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