Rupee rises, but price action seen not too encouraging
Rupee Vs Dollar: The Indian rupee was marginally higher on Tuesday, but some traders reckoned that the recent price action signalled that the currency was unlikely to have much upside.
Rupee Vs Dollar: The Indian rupee was marginally higher on Tuesday, but some traders reckoned that the recent price action signalled that the currency was unlikely to have much upside. The rupee was at 82.98 as of 10:50 a.m. IST, compared with 83.03 in the previous session. The currency had opened at 82.94.
"It's a bit like yesterday, in that you have good buy orders (for dollar)," a forex trader at a bank said.
"Based on what I have seen yesterday and today, would say we are higher (on USD/INR) from here despite what the RBI (Reserve Bank of India) did."
The RBI intervened aggressively on Friday via a large public sector bank to boost the rupee.
The rupee on Monday reached a high of 82.82 and has since struggled.
Also Read: Yen stands tall, dollar finds floor ahead of US inflation
"Feel that the rupee has settled into a weaker range," a foreign exchange trader at a foreign bank said.
Arnob Biswas, head of foreign exchange research at SMC Global Securities, said there was dollar demand from importers and it looked like interbank was "pretty long on the USD/INR pair."
Asian currencies were quiet after Monday's volatility. The Chinese yuan and the Japanese yen were little changed following the rally. The dollar index nudged up to 104.62.
All eyes are now on US inflation data due Wednesday, while India will release its August inflation print later in the day.
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
01:29 PM IST