The rupee on Thursday closed 7 paise lower at 79.93 after trading in a narrow range against the US dollar.
The domestic currency opened at 79.80 per dollar in the interbank foreign exchange market. It ranged from 79.80 to 79.93 during the session.
The domestic unit finally closed at 79.93, down 7 paise over its previous close of 79.86.
Dilip Parmar said, “The Indian rupee remained in a narrow range and weakened among Asian currencies. China’s stimulus to boost the economy supported regional peers, while higher crude oil prices in the local unit and increased risk in domestic markets.” Been under pressure after a full mood.” , Research Analyst, HDFC Securities.
Parmar further said that the spot USD/INR is expected to trade between 79.60 to 80.10 in the near future, before the monthly rebalancing tomorrow.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.50 per cent at 108.13.
Global oil benchmark Brent crude futures rose 0.39 per cent to $101.61 per barrel.
Forex traders said market participants remained cautious ahead of the Federal Reserve Chairman’s speech at the Jackson Hole symposium.
Foreign institutional investors (FIIs) remained net buyers in the capital market as they bought shares worth Rs 23.19 crore on Wednesday, according to provisional data.
25 August 2022