Rupee Slips 1ps To Close Flat At 83.96/$
The local currency is expected to be supported by inflows related to local IPOs this week while also keeping an eye on US consumer inflation data for August, due on Wed
Rupee Slips 1ps To Close Flat At 83.96/$
Mumbai: The rupee traded in a narrow range and slipped 1paisa to close at 83.96 against the American currency on Monday, as the support from a positive trend in equity markets was offset by a strong US dollar against major crosses overseas. Concerns over global economic growth weighed on investor sentiments, forex traders said, adding that investors remained cautious ahead of US CPI and European Central Bank (ECB) monetary policy this week. At the interbank foreign exchange market, the local unit opened at 83.96 against the American currency. It rose to the intra-day high of 83.86 but pared gains to finally settle at 83.96 against the US dollar, down 1paisa from its previous close.
On Friday, the rupee gained 2paise to close at 83.95 against the US dollar. “The Indian rupee strengthened marginally, supported by expected intervention by the Reserve Bank of India (RBI) in the last few weeks. This was despite Asian currencies, which slipped on worries of a slowdown in the US after data released on Friday fanned slowdown worries in the US.
