Indian rupee ended at fresh record closing low against the U.S. dollar on Friday on likely month-end dollar demand from importers and a volatile dollar index.
The Indian rupee depreciated 4 paise to close at all time weakest level of Rs 83.38 against the U.S. dollar after opening at Rs 83.35 on Friday. It closed at Rs 83.34 on Wednesday, according to Bloomberg data.
The rupee’s range-bound movement persists due to the volatility in the dollar index, crude oil, and FII numbers, keeping it within the range of 83.20-83.40,” said Jateen Trivedi, VP research analyst at LKP Securities.
The rupee is expected to be range bound with depreciation mode in the holiday-shortened next week, according to Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
“The range is expected to be Rs 83.20 to Rs 83.50 with a close watch on RBI which has been protecting the rupee,” Bhansali said.
