Indian rupee sees range-bound trade against US dollar in early deals

Markets were on alert for possible Japanese intervention as the dollar tested the 160 yen barrier


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Published: Mon 24 Jun 2024, 9:47 AM

The Indian rupee is likely to be under pressure on Monday after US business activity crept up to an-over-2-year high, boosting demand for the dollar.

Non-deliverable forwards indicate the rupee will open marginally weaker against the US dollar from 83.5325 or 22.76 UAE dirham.

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On Thursday, the Indian rupee has hit a record low of 22.784 against the UAE dirham or 83.6188 against the US dollar, largely on the back of outflow related to the Vodafone Group selling its stake in India's Indus Towers.

Asia shares slipped on Monday, June 24, in a countdown for US price data that investors are banking on to show a renewed moderation in inflation, while markets were on alert for possible Japanese intervention as the dollar tested the 160 yen barrier.

Geopolitics also loomed large, with the first U.S. presidential debate on Thursday and the first round of voting in the French election at the weekend.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.9%, after touching a two-year top last week. South Korean stocks fell 0.8%.

S&P 500 futures and Nasdaq futures were both down around 0.1%. Shares in Boeing could face pressure after Reuters reported U.S. prosecutors are recommending criminal charges be brought against the aircraft maker.


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