Rupee settles 1 paisa lower at 84.43 against U.S. dollar
The Hindu
Rupee closes flat against dollar amid geopolitical tensions, domestic market optimism; traders eye upcoming data and elections.
The rupee traded in an almost flat note and settled 1 paisa lower at 84.43 (provisional) against the U.S. dollar on Tuesday (November 19, 2024), as support from positive domestic equity markets and lower crude oil prices was negated by the strength of the American currency in the overseas market.
Forex traders said the Ukraine-Russia war took a new turn with Russia updating its nuclear doctrine and Ukraine aimed American missiles at Russia. Safe haven assets like Gold, JPY, CHF and to some extent dollar were bought and the rupee felt the heat and was sold at the closing hours.
At the interbank foreign exchange, the rupee opened at 84.39 and stayed range-bound throughout the session. It finally settled at 84.43 (provisional) against the greenback, down 1 paisa from its previous close.
On Monday (November 18, 2024), the rupee recovered from its lowest level of 84.46 to settle 4 paise higher at 84.42 against the U.S. dollar.
Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said the USD-INR pair is likely to trade in this range in the near term until the U.S. yields break higher decisively. The 10-year U.S. yields face a crucial resistance at 4.50%.
"Traders will closely monitor the assembly elections in Maharashtra and Jharkhand. In addition, India's PMIs data slated to be released on Friday (November 15, 2024) will also be on traders’ radar," he added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.15% at 106.35.
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