Indian Rupee Closes Flat Against The U.S. Dollar
Rupee closed little changed at Rs 83.03 against the greenback on Thursday. It closed at Rs 83.04 on Wednesday, according to Bloomberg data.
Indian rupee closed flat against the U.S. dollar on Thursday, ahead of the release of US inflation data for December.
The local currency closed little changed at Rs 83.03 against the greenback on Thursday. It closed at Rs 83.04 on Wednesday, according to Bloomberg data.
"Exporters to keep selling dollar on the upticks they get due to buying by RBI while importers may buy dollar on the dips to make near term payments," said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
SBI is expected to sell $300 million after the lender has raised the same through medium term notes, Bhansali said.
"Federal Reserve Bank of New York President John) Williams said it is premature to call for rate cuts. U.S. inflation figures are expected to gather all the looks today. ECB Governing Council member Pablo Hernandez de Cos said risks to economic growth remain skewed to the downside. GBP/USD's uptick influenced by BoE Governor Andrew Bailey's comments on inflation control and stable UK employment levels," Kunal Sodhani, vice president of Shinhan Bank said. "For dollar/rupee, Rs 82.85/90 will act as a support while Rs 83.18 as a resistance."
"The overall trend remains sideways, and rupee movements are influenced by range-bound volatility. The upcoming US CPI data, scheduled, is expected to play a crucial role in determining the trend of the US dollar, with potential effects on the rupee as well," Jateen Trivedi, VP Research Analyst, LKP Securities said.
