USA Dollar

Rupee Opens Stronger Against U.S. Dollar

Federal Reserve Governor Christopher Waller said there is no rush to cut the rate and may need to maintain the current rate for longer than expected, according to Kunal Sodhani, vice president of Shinhan Bank.

“Market awaits core PCE inflation data and GDP figures in the US, with Fed’s divided stance on rate cuts in focus. For USDINR, 83.25 acts as a support, while 83.50 a resistance,” Sodhani said.

The rupee had a spectacular run on Wednesday as after remaining range bound for the entire day, it weakened to 83.45 in the last 10 minutes and then strengthened and closed at 83.3750 on strong RBI intervention. It should remain in the range defined above, according to Anil Bhansali, executive director at Finrex Treasury Advisors.

Exporters to remain hedged in the near term only as uncertainty on interest rate, oil and geopolitical front lingers on, Bhansali said.

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