Rupee Weakens 3 Paise Against Dollar After RBI Keeps Policy Rates Unchanged
The currency closed at Rs 83.39 against the greenback compared to 83.36 in the previous day.
The rupee ended weak against the dollar on Friday as the RBI's monetary policy committee voted unanimously to keep the repo rate unchanged.
The currency weakened 3 paise to close at Rs 83.39 against the greenback on Friday. It had closed at Rs 83.36 on Thursday, according to Bloomberg data.
On the state of the economy, RBI Governor Shaktikanta Das said while the headline inflation receded from last year, it remains above target in many countries.
"Risks to food inflation may lead to (an) uptick in November and December," Das said. "Domestic economic activity remains resilient and domestic economic activity is holding up well."
What Analyst Have To Say
Kunal Sodhani, Vice President Of Shinhan Bank
"BoJ Governor Ueda discussed options for a potential pivot from negative interest rates and boosts the JPY. Yields and DXY slided. Risk markets will be clamping down on positioning ahead of Friday’s US NFP print, with expectations of 180K. For USDINR, 83.22 acts as a support while 83.45 a resistance," Sodhani said.
Anil Kumar Bhansali, Executive Director At Finrex Treasury Advisors LLP
"Indian rupee is expected to be in a small range of 83.30/40 for the entire day as inflows are matched by the outflows mainly from oil companies," Bhansali said.
Amit Pabari, MD At CR Forex Advisors
"It seems all lull for the rupee appears to be in a state of relative calm, with pair experiencing one of the tightest trading ranges. Now, any event or big flows can only make a reversal in the pair," Pabari said.
