The rupee is trading at 58.43/44 versus its Friday’s close of 58.52/53, tracking gains in the domestic sharemarket ahead of prime minister designate Narendra Modi’s swearing in ceremony later in the day.
Traders are keenly awaiting the allotment of cabinet portfolios. The pair is seen holding in a 58.30 to 58.60 range during the session. The BSE Sensex is trading up 1.3 percent.
Gains in other Asian currencies versus the dollar also likely to hurt the pair. Traders will, however, remain watchful of RBI intervention to buy dollars in case the pair slips sharply.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.