Indian Rupee Depreciates Further Against The U.S. Dollar

Indian rupee depreciated further against the U.S. dollar on Thursday tracking the rise in dollar index.

The rupee weakened 8 paise to Rs 83.23 against the U.S. dollar so far in the day after opening at Rs 83.19 on Thursday, according to Bloomberg data.

The local currency had closed at nearly four week high of Rs 83.15 on Wednesday.

The dollar index rose 0.2% to 104.56 so far during Asian trade from Wednesday’s close 104.39. The dollar index was at 104.41 as of 02:09 p.m., according to Bloomberg data.

“The dollar index rose slightly to 104.54 while the U.S. 10-year (Treasury yield) was upto 4.51% as markets continued to speculate that U.S. Fed may adopt more dovish stance in future,” said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP “Rupee is expected to remain range bound as RBI steps in to protect it depreciates beyond Rs 83.30.”

Leave a Reply

Your email address will not be published. Required fields are marked *