Rupee opens on flat note
PTI
Mumbai |
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Volatile domestic equities, weak Asian currencies and stronger dollar will weigh on rupee; but anticipated dollar inflows and improving India Covid situation could cap the depreciation: Reliance Securities
The Indian rupee opened on a flat note and inched higher by 3 paise to 73.15 against the US dollar in early trade on Thursday amid a muted trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 73.16 against the dollar, then inched higher to 73.15, registering a gain of 3 paise over its previous close. On Wednesday, the rupee had settled at 73.18 against the US dollar.
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In the just concluded week, Naira depreciated against the USD at the Investors & Exporters Window, Bureau De Change and Parallel âblackâ markets by 0.33%, 0.42% and 0.21% to close at
N411.67/USD, N480.00/USD and
N484.00/USD respectively.
In the course of the week CBN made effort to harmonise the official rate of N379/USD and the NAFEX (I&E) window rate as it removed the official rate from its
website.
on the greenback today even as external
reserves declined w-o-w by 0.39% to N34.57 billion. Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 mil
However, the Naira depreciated at the Investors and Exporters window by 0.08% to close at N410.33/USD. During the course of the week, CBN extended indefinitely its âNaira 4 Dollar schemeâ for diaspora remittances which was initially scheduled to end on May 8, 2021.
Despite the incentive provided, Naira has
depreciated further against the USD at the black market as NGN/USD exchange rate rose to N483/USD (from N480/USD when the policy was first announced).
Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisibles.