Rupee opens 6 paise lower at 83.00 against the US dollar
rupee ended 17 paise higher at 82.94 a dollar. Investors will keenly watch for clues on the outlook for interest rates from US Federal Reserve Chairman Jerome Powell's speech on Friday at Jackson Hole, Wyoming. “Rupee is likely to depreciate today amid a firm dollar and on expectation of disappointing economic data from major countries across the globe.
Further, investors await central bankers gathering at Jackson hole Symposium that would likely provide cues on interest rate outlook. Additionally, traders will also pay attention to the summit of BRICS major emerging economies for any news on Chinese stimulus," ICICI Direct said in a note. The brokerage expects USDINR to hold the support near 82.90 levels and rise back towards 83.20 levels.
Crude oil prices rose, pressurising the local currency. Brent crude gained 0.19% to $84.19 a barrel, while the US West Texas Intermediate crude rose 0.28% to $79.86 a barrel. On the domestic front, the Indian benchmark equity indices, Sensex and Nifty, were trading higher in the pre-opening session.
Read more on livemint.com
