Rupee opens marginally lower at 67.24 per dollar

Rupee opens marginally lower at 67.24 per dollar

The Indian rupee opened marginally lower at 67.24 per dollar on Thursday against previous close of 67.21. Mohan Shenoi of Kotak Mahindra Bank said, "Emerging Market and commodity currencies were supported by recovery of brent crude oil price to USD 41/bbl. Further easing of monetary policy by European Central Bank is expected in its meeting today." "We expect the USD-INR to trade in a range of 66.95-67.25/dollar today," he said. The euro slipped as investors await the outcome of the European Central Bank meeting, which they expect will result in interest rates falling deeper into negative territory. New Zealand's kiwi dollar dropped toward its worst week in two months after the nation's central bank unexpectedly cut interest rates to a record.

 

 

Yen eases after China February CPI rises faster than expected

The yen eased in Asia as China reported a faster gain in consumer prices for February that expected, casting a shadow on prospects for further monetary easing. USD/JPY changed hands at 113.59, up 0.22%, while AUD/USD changed hands at 0.7480, down 0.07%. Consumer prices in China rose at a faster pace than expected in February, setting the stage for a tighter corridor to ease monetary policy in the face of slowing growth. In China CPI for February rose 1.6%, above the gain of 1.1% expected month-on-month for a year-on-year pace of 2.3%, well above the 1.9% seen. Producer price data fell 4.9% year-on-year as expected.