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HomeInvestmentRupee closes at two-month low as Dollar Index strengthens

Rupee closes at two-month low as Dollar Index strengthens

The rupee closed nearly at a two-month low against the greenback on Wednesday amid a strong Dollar Index and persistent dollar demand from oil marketing companies, corporates and custodial banks.

The Indian unit closed at 82.38 per dollar, 17 paise weaker vis-a-vis previous close of 82.21.

The rupee started the day about 9 paise weaker at 82.295 as Dollar Index strengthened towards 103 in the wake of upbeat US data on retail sales and industrial production and hawkish Fed talks.

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Anindya Banerjee, Vice-President, Kotak Securities Ltd, observed that the rupee closed 17 paise weaker at 82.38, the lowest level since March 24.

He said buying from custodial banks, corporates and speculators weighed on the Indian unit, following risk off in global markets and strong US Dollar Index.

“We expect a range of 82.00 and 82.60 over the near term on spot,” Banerjee said.

IFA Global Research, in a note, said the rupee opened weaker on Wednesday morning at 82.295 on the back of global dollar strength.

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“It traded in a range of 82.45 to 82.29 with a weakening bias coupled with weak domestic markets and ended the session 0.21 per cent weaker…However, easing crude prices cushioned the downfall,” per the report.



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