INR opens at 69.26 as compared to yesterday close of 69.15 and during the day it may trade in the range of 69.05 to 69.35.
Overseas, USD saw mild gains and crude again jumped about 65 levels. Today morning most Asian currencies are mildly in red and equities are showing signs of strength. Market is not expecting deal between US and China closed in the G-20 meeting over the weekend.
Suggest to cover next 2-3 days Import payments around 69.10 levels. Any export hedging decision could wait.
Currency market yesterday’s update: Dollar/rupee ended at two-month low on Wednesday on likely overseas fund inflows into local stocks ahead of F&O expiry and Union Budget statement release. Foreign banks sold dollars mostly on behalf of overseas investors who invested into local equities ahead of the F&O expiry. Also, sentiments improved after optimistic comments from US Treasury Secretary Mnuchin regarding the US-China trade deal. Market talk also suggested RBI buying and that prevented INR trading below 69.0 levels.