The Indian rupee opened flat against the US dollar on Thursday. The local currency started trading at Rs 84.08 per dollar, compared to the previous close of Rs 84.086, as per Bloomberg data. The rupee is expected to trade in the Rs 84.00-84.20 range on Thursday.
“The rupee has been trading below Rs 84 for the majority of October, but the recent pressure is primarily due to domestic factors, notably the month-end dollar demand from oil importers,” said Amit Pabari, managing director of CR Forex Advisors.
“However, upcoming IPO inflows may offer the domestic currency some relief as companies like Swiggy Ltd., Acme Solar Holdings Ltd., and Sagility Ltd. prepare to raise funds next week,” he said.
As a result, Pabari anticipates the dollar-rupee pair to trade in a tight, narrow range of Rs 83.80-84.20, with RBI interventions offering critical support to prevent any significant downside.
