As traders wait for new signals from economic data expected later this week, the Indian rupee mainly remained stable on Tuesday, following the rangebound action in its Asian counterparts and relatively stable US bond yields.
At almost 9 a.m. UAE time, the South Asian currency was trading at 83.3275 vs the US dollar (22.705 versus the UAE dirham), somewhat higher than its closing of 83.3625 (22.714) in the previous session. Most Asian currencies remained stable, while the dollar index remained at 106.1.
Investors anticipate that the rupee will stay between 83.25 and 83.40, with a slight appreciation bias. Monday saw improvements for the currency thanks to dollar inflows.
According to a foreign exchange broker at a private bank, international banks were spotted supporting the Indian rupee early on Tuesday by giving dollars.
However, importers’ dollar demand and slight dollar outflows are anticipated to contain the gains after Vodafone Idea’s (VODA.NS) new tab follow-on public offering was oversubscribed by 6.36 times the number of shares offered, according to stock exchange data on Monday. However, according to stock depository data, foreign investors have pulled out $1.04 billion in net sales of Indian debt and shares thus far in April.
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