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Rupee weakens in closing hours
Wednesday, 08 April 2015 04:07

Rupee weakens in closing hours

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Rupee opened high and closed at 61.63 against dollar as dollar index reached near to four and half year high.

Rupee opened low at 61.52 against Wednesday close of 61.41 and continued depreciation up to 61.6750 or 0.37%.

The currency remained very stable in last two weeks and remained within the range of 61.20 to 61.50 but after surprising move of BoJ of increasing bond purchase amount three times more than present pace depreciated rupee a little as dollar strengthened most against JPY. Then after yesterday, with the expectation of further easing action by ECB euro weakened near to the level of two year low and further strengthened USD. Today market is waiting for U.S. nonfarm payroll and unemployment rate release.

At 1430 GMT U.S. Bureau of Labor Statistics will release nonfarm employment data which is expected to increase by 235k compare to 248k in Sept. Unemployment rate is expected to remain unchanged at 5.9%. Later today Fed chair Yellen will address audience on Central Banking: The Way Forward?" in Paris.

Earlier in this month manufacturing PMI increased by 2.4 points to 59.0 and the Employment index in this PMI improved by 0.9 percentage points. In Service PMI little fell of 1.5 points was reported but employment index improved by 1.1 percentage point to 59.6.

On Wednesday ADP nonfarm data has also posted increase of 278k jobs for last month and yesterday jobless claims fell by 10k to 288k for last week, all suggesting improvement in labor market.

Investment in dollar and equity market is likely to continue as commodity prices are continuously coming down and major currencies are weakening against dollar.

Easing by BoJ and ECB will increase liquidity in the market that may bring speculative money to emerging economies. In that sense rupee may strengthen with increase in foreign investment.

 

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