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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Rupee ends lower, importer hedging demand outweighs softer dollar
Indian rupee weakened on Thursday, pressured by dollar demand by importers, even as the greenback lingered near a four-month low against its major peers amid concerns about a slowdown in the U.S. economy.
The rupee closed at 87.1150 against the U.S. dollar, down about 0.2% on the day.
Asian currencies were trading mixed, while the dollar index softened 0.1% to 104.1, hovering close to its lowest level since November.
«While initially the expectation was that it (USD/INR) will follow the dollar lower, bids picked up sharply below 87,» a trader at a private bank said. The dollar-rupee pair touched a low of 86.89 in early trade before recovering swiftly.
The trader reckons that even a modest recovery in the dollar will push the rupee back towards 87.50, while sustained dollar weakness could move it towards 86.50 in the near-term.
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