US recruitment increased at its quickest pace in five months in April
Mumbai: The rupee is off three-week high, trading at 60.21/22, down from its intraday high of 60.09, a level last seen on April 10. The pair closed at 60.31/32 on Wednesday.
Dealers cite dollar buying from state-owned banks. Traders even stated that oil marketing companies were also spotted buying dollars. Pair seen in 60.10-60.50 range ahead of a key US employment report. "Ahead of the non-farm payrolls data, expect long unwinding on the INR," said a senior currency trader with a state-owned bank.
US hiring likely increased at its quickest pace in five months in April, which would bolster hopes of a strong rebound in economic activity in the second quarter.
( Source : reuters )
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