The Indian rupee was seen weakening to 61.17 levels after exhibiting a gap-up opening today in light of Friday's weak industrial data, high import dollar demand and a negative slant in the equity markets, says India Forex Advisors.
The Indian rupee opened on a weaker note at 60.92 against the previous close of 60.65 against US dollar on the back of weak IIP data from India. The rupee touched one month low levels over the concerns of tight monetary policy by the US Fed. Overall USDINR made a low of 60.93 and a high of 60.17 before closing the session at 60.13 levels.
Indian stock markets opened on a negative note after the weak industrial production data from Indian and Chinese economy. India's July IIP grew by 0.5% against 3.5% of the previous month. The benchmark index continued to fall despite the better WPI inflation numbers. India's WPI hits 5 year low at 3.74% in August.
Globally, the Australian dollar fell to 9000 levels following weak industrial data on the Chinese front. Expectations of an unambiguous stance from the Fed remain high, in the absence of which we might see a huge dollar sell-off giving thrust to the EUR/USD and USD/JPY currency pairs.
OUTLOOK
The Indian rupee was seen weakening to 61.17 levels after exhibiting a gap-up opening today in light of Friday's weak industrial data, high import dollar demand and a negative slant in the equity markets. On the domestic front, the Wholesale Price Index (WPI) eased to 3.74% for August; however, the effect on the currency was insignificant. Also, exports in August grew at 2.4% against imports at 2.1% - causing the trade deficit to narrow to $10.84 billion – the impact of which can be seen in the markets opening tomorrow. On the global front, we have the FOMC Monetary Policy by Janet Yellen providing cues to the expected hawkishness on the interest rate hike.
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