The Indian rupee gained marginally in the early trade on Tuesday. It has opened higher by 7 paise at 59.94 per dollar versus 60.01 Monday.
The dollar inched higher against the euro but pared some early gains, as investors continued to digest last week's strong US employment report and speculated about when the Federal Reserve is likely to begin raising rates.
Ashutosh Raina of HDFC Bank said that, “Better than expected US jobs data last week stoked the positive sentiment across global markets. Markets are now re-assessing as to when the Fed will start raising the interest rates.”
“The Indian markets are awaiting the first Budget from the new government. USD-INR pair has been trading in the 59.50-60.50/dollar range and should continue to trade in this range till the Budget,” he added.
Source:- moneycontrol.com
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