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Home UAE

Indian Rupee Climbs on Week’s Opening Trading Session

August 28, 2023
in UAE
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Indian Rupee

Indian Rupee

On Monday, the Indian rupee increased at a higher near-maturity level, and U.S. Treasury yields were predicted to restrict the upside for the currency. 

Compared with 22.519 in the previous session, the rupee was 22.509 against the UAE Dirham at 9.05 a.m. UAE time. Besides, the domestic currency also reached an intraday rise of 22.488.

The two-year U.S. Treasury yield increased to 5.10 percent, only two basis points shy of year-to-date highs. Moreover, on Friday, Federal Reserve Chair Jerome Powell reaffirmed that the central bank remains focused on hitting its 2 percent inflation target, indicating that rates will stay higher for longer. 

Moreover, traders said higher U.S. profits will keep the dollar bid, and the rupee will not see much upside. 

However, a foreign exchange trader at a state-run bank said that the rupee is predicted to be in the 82. 40 – 82.80 range against the dollar during the week. 

” Possible equity flows( because of MSCI rebalancing)are also likely to support the rupee.” 

As India’s GDP print for the June quarter will be released on Thursday, critical U.S. economic data is due to this week’s core PCE inflation and non-farm payroll numbers. 

Abhilash Koikarra, head of forex at Nuvama Professional Client’s Group, said, ” Though India’s GDP numbers are unlikely to have little impact, U.S. data is something to watch for in case it pops up positive or negative surprises. 

However, Koikarra said Nuvama advises importers to cover their barriers around 82.49 levels and exporters to increase their hedging to 82.70 /75 levels. 

Meanwhile, India’s foreign exchange reserves posted a sheer decrease in around six months, falling by $7.26 billion from the previous week. 

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