The Indian rupee opened lower by 12 paise at 68.08 per dollar on Monday versus 67.96 Friday.
The trading range for the USD-INR pair is seen between 67.80-68.20/dollar,
Pound extended its selloff near a 31-year low as the fallout from the UK's vote to exit the European Union stoked anxiety among investors around the world.
US DOLLAR INDEX (USD)
Markets in the last week traded in a volatile manner as investors kept speculating whether or not Britain will leave EU. All the polls and initial vote count showed a major lead in ‘remain’ camp. However, the tables turned on Friday when the ‘Leave’ camp won by 51.9 percent. This prompted the traders to place fresh bets in safe - haven DX which saw a rise of 2 percent in the last week. However, investors believe that given the latest event that has caused jitters and uncertainty in the mark ets, the US Feds ambitions for two rate rises this year may be placed on hold. US Dollar Index made a weekly high of 96.70 and closed at 95.57 on Friday
OUTLOOK
From the intra - day perspective, Rupee is likely to depreciate as demand for safe - haven DX will rise as Britains have voted to leave the European Union which has created uncertainty in the markets.
The trading range for the USD-INR pair is seen between 67.80-68.20/dollar,
Pound extended its selloff near a 31-year low as the fallout from the UK's vote to exit the European Union stoked anxiety among investors around the world.
US DOLLAR INDEX (USD)
Markets in the last week traded in a volatile manner as investors kept speculating whether or not Britain will leave EU. All the polls and initial vote count showed a major lead in ‘remain’ camp. However, the tables turned on Friday when the ‘Leave’ camp won by 51.9 percent. This prompted the traders to place fresh bets in safe - haven DX which saw a rise of 2 percent in the last week. However, investors believe that given the latest event that has caused jitters and uncertainty in the mark ets, the US Feds ambitions for two rate rises this year may be placed on hold. US Dollar Index made a weekly high of 96.70 and closed at 95.57 on Friday
OUTLOOK
From the intra - day perspective, Rupee is likely to depreciate as demand for safe - haven DX will rise as Britains have voted to leave the European Union which has created uncertainty in the markets.
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