Rupee Rises 4ps To 84.06/$
Expect the local unit to trade with a negative bias on foreign fund outflows and geopolitical uncertainty in Middle East. USD-INR spot price is expected to trade in a range of Rs83.90 to Rs84.30
Rupee Rises 4ps To 84.06/$
Mumbai: The rupee recovered from its all-time low levels and appreciated 4paise to close at 84.06 against the US dollar on Monday supported by strong domestic equity markets. Forex traders said the rupee was weighed down by the strong US dollar and elevated crude oil prices. Moreover, the Reserve Bank of India’s intervention, backed by record-high reserves supported the local unit at lower levels, they said. At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and traded in a tight range of 84.05 and 84.07. The unit settled for the day at 84.06, registering a rise of 4paise over its previous close.
On Friday, the rupee fell12 paise to a record low of 84.10 against the US dollar. “We expect the rupee to trade with a negative bias on foreign fund outflows and geopolitical uncertainty in the Middle East. Overall strength in the US dollar may further pressurise the rupee,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
