Tag: IndianRupee

The Indian rupee ended higher on Friday, riding on the trend of other Asian currencies. Traders are watching US inflation data ahead of the Fed's interest rate verdict. The rupee finished at 82.4625 against the US dollar, down from 82.5622 on Thursday. Analysts expect US inflation data and the Fed's decision to affect the rupee's performance. The rupee has traded at 82.42-82.68 over the past week, while foreign investment inflows have sustained the Indian currency. But with China's yuan taking a hit, eyes are now on India's inflation data scheduled for Monday.

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.

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.

Indian rupee expected to open higher in response to the US dollar's significant decline due to positive risk sentiments and expectations that the Federal Reserve won't raise rates at its June meeting.