In the early session on Thursday, the Indian rupee lost 4 paise to trade at 83.36 versus the US dollar (22.71 against the UAE dirham), following the US dollar’s advance in the foreign exchange market and the tame trend in stocks.
The rupee, according to forex traders, is trading in a limited range because importers’ strong dollar demand has offset the support provided by dropping crude oil prices.
The South Asian currency began at 83.36 versus the US dollar at the interbank foreign exchange, down 4 paise from its previous finish.
Meanwhile, according to figures from the National Securities Depository, inflows into Indian shares totaled more over $3 billion in December.
It appears that the rupee’s brief reprieve from yesterday will not endure. And this is in spite of yet another round of oil selloffs and the types of flows we are witnessing,” a bank’s FX trader remarked.
The support and resistance levels for the USD/INR are located at 83.20 and 83.40, if we’re still talking about that.”
Overnight, US stocks declined, and S&P 500 Index futures slightly declined in Asia. The Korean won and the Indonesian rupiah paced the loss in Asia FX, while Hong Kong and Japan led the decline in Asian shares.
On Wednesday, the dollar index increased for the third day in a row. This was true even when weak US economic statistics caused US bond rates to decline even further.
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