Rupee settles 2 paise lower at 83.75 against U.S. dollar
The Hindu
Indian rupee resilient against dollar amid U.S. economic slowdown, supported by foreign capital inflows and RBI intervention.
The rupee settled 2 paise lower at 83.75 (provisional) against the U.S. dollar in a range-bound trade on Friday as massive sell-offs in domestic as well as global equity markets negated gains from a weak American currency.
The Indian currency resisted the fall due to a sharp decline in the dollar after the latest U.S. data showed slower manufacturing growth in the world's largest economy, forex traders said.
Foreign capital inflows also favoured the local currency, they said.
At the interbank currency exchange, the domestic currency opened at 83.74 and traded in the narrow range of 83.72 and 83.76 against the greenback during the session. The unit finally settled at 83.75 (provisional) against the dollar, registering a loss of 2 paise from the previous closing level.
On Thursday, the rupee declined 5 paise to settle at 83.73 against the U.S. dollar.
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said a slight decline in the US dollar amid disappointing economic data from the U.S. may prevent a sharp fall in the rupee. Any fresh intervention by RBI may also support the rupee.
"Traders may take cues from US non-farm payrolls data which is expected weaker than the previous month's reading. USD-INR spot price is expected to trade in a range of ₹83.50 to ₹84," Choudhary added.
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