Rupee ends lower despite rise in most Asian peers; Powell's remarks in focus
Indian rupee closed weaker on Thursday as importer and interbank dollar bids outweighed cues from a rise in most Asian currencies, ahead of closely watched remarks from Federal Reserve Chair Jerome Powell.
The rupee closed at 83.6425 against the U.S. dollar, down from its close at 83.5925 in the previous session.
Importers' dollar-buying, related to month-end payments, along with the unwinding of some interbank long positions kept the rupee on the backfoot despite gains in its Asian peers, traders said.
The dollar index was little changed at 100.9. Most Asian currencies rose, with the offshore Chinese yuan up 0.3% at 7.
The rupee has traded with a positive bias since the US Federal Reserve kicked off policy easing with a larger-than-usual 50 basis points cut last week, but has struggled to rise above a key resistance level at 83.50 despite strong portfolio inflows.
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