USA Dollar

Indian Rupee Closes Weaker Against The U.S. Dollar

The rupee is expected to be in a range with 83.40 being the RBIs pivot, beyond which it could weaken further, according to Anil Bhansali, executive director at Finrex Treasury Advisors. “It being (the) month-end, quarter-end and (fiscal) year-end, some selling is expected to come in dollars as exporters hedge their positions.”

The fall in premiums and lower cash spot, however, clearly indicates the cash-dollar shortage running into the system, Bhansali said.

“Mixed US data shows high durable goods orders and lower consumer confidence sway sentiment. ECB rate-cut hints fuel speculation amid divided Fed views on easing,” Kunal Sodhani, vice president of Shinhan Bank, said.

“The DXY again trying to test 104.85 levels. Eyes continue to remain on (the) USDCNH pair. For USDINR, 83.25 acts as a support, while 83.50 a resistance,” Sodhani said.

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