Rupee recovers 16 paise against US dollar
The Hindu
Rupee recovers 16 paise against US dollar ahead of RBI policy announcement: Follow The Hindu’s updates on the rupee trading
The rupee recovered 16 paise from all-time low closing level to 87.43 against the US dollar in early trade on Friday (Febraury 7, 2025) ahead of the Reserve Bank of India's monetary policy announcement.
Forex traders said there is an overall negative bias in the rupee as market participants are projecting RBI to cut rates by 25 bps.
While a rate cut could help ease some of the pressure by improving liquidity and attracting foreign investments, it would also lead to an increase in rupee supply, which could further weaken the currency and exacerbate depreciation pressures, they said.
At the interbank foreign exchange, the rupee opened at 87.57 against the greenback, and touched 87.43 against the greenback in initial trade, registering a rise of 16 paise from its previous close.
On Thursday, the rupee plunged 16 paise to close at an all-time low of 87.59 against the US dollar.
"As long as the liquidity deficit persists, the rupee will remain under pressure. Additionally, the CRR cut is further weighing on the rupee.
"With current headwinds surpassing tailwinds and compounded by the RBI's rate cut expectations, the rupee is expected to trade at elevated levels between 87.20 and 87.70, with 87.20 acting as a support level," CR Forex Advisors MD Amit Pabari said.
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