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Rupee falls 5 paise against US dollar to close at 82.57
The Indian rupee lost value against the US dollar after the Reserve Bank of India decided to keep benchmark interest rates unchanged. The rupee traded at a high of 82.53 and a low of 82.61 before closing at 82.57. The central bank maintained its GDP growth projection but revised its retail inflation expectations to 5.1% from 5.2%. Learn more here.
Rupee Gains Momentum as Weak US Data Leads to Dollar Pullback
The Indian rupee is poised to bounce back as weak US services data has decreased demand for the dollar and caused US yields to drop. The rupee is likely to hover around 82.55 versus the US dollar, in contrast to 82.67 in the prior session. Though the Reserve Bank of India has actively intervened to maintain its historic levels of volatility, the rupee had its worst session in nearly three months on Monday. The rupee's narrow trading range has been between 81.60 and 82.80 since February.
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Rupee Gains Momentum as Weak US Data Leads to Dollar Pullback
The Indian rupee is poised to bounce back as weak US services data has decreased demand for the dollar and caused US yields to drop. The rupee is likely to hover around 82.55 versus the US dollar, in contrast to 82.67 in the prior session. Though the Reserve Bank of India has actively intervened to maintain its historic levels of volatility, the rupee had its worst session in nearly three months on Monday. The rupee's narrow trading range has been between 81.60 and 82.80 since February.
