Indian rupee gains 26 paise against US dollar
Business
The rupee kicked off Thursday on a stronger note, opening at 90.46 against the US dollar—up 26 paise from yesterday's close of 90.70.
This is a bit surprising since the US just reported adding 130,000 jobs (way more than expected), which usually boosts the dollar.
Analysts expect rupee to hover between 90.40 and 90.95 soon
Even with this gain, Finrex Treasury Advisors analysts said, "Inflows are not strong enough to sustain a stronger rupee despite a falling dollar," and inflows aren't enough to keep it rising for long.
Importers are jumping at these rates, while traders expect the rupee to hover between 90.40 and 90.95 soon.
All eyes are now on upcoming US inflation data, especially since strong job numbers make a US rate cut less likely next time around.