Tuesday saw a little increase in the value of the Indian rupee as traders braced for a restricted trading range ahead of the Federal Reserve meeting and a keenly expected US inflation report.
At 8.45 a.m. UAE time, the South Asian currency was trading at 83.3650 versus the US dollar (22.72 versus the UAE dirham), up 0.03% from its previous closing price of 83.3925.
With the exception of the Thai baht, which fell by 0.8%, other Asian currencies declined. The dollar index remained relatively stable at 103.97.
“The currency appears to be stuck in an extremely limited range, necessitating noteworthy occurrences or substantial inflows to initiate a reversal,” stated Amit Pabari, managing director of the foreign exchange advice company CR Forex
Thus far in December, the currency has fluctuated between 83.2475 and 83.40. According to dealers, the Reserve Bank of India has intervened several times to stop the rupee’s losses close to 83.40.
A forex dealer at a private bank stated, “Not expecting much action today (on the rupee),” in advance of the US inflation statistics and the Fed’s policy decision.
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