Indian Rupee Opens Flat Against The U.S. Dollar

Indian rupee opened flat against the U.S. dollar on Friday after depreciating to its lowest against the greenback on Thursday.

The local currency opened at Rs 83.28 against the U.S dollar on Friday, compared with Rs 83.29 at Thursday close, according to Bloomberg data.

Reliance Securities expected the rupee to open around Rs 83.27-83.29 on Friday. It expects a weak crude oil prices and RBI’s presence to cap the losses in the local currency.

The brokerage sees the rupee trading between Rs 83.10 and Rs 83.30 on Friday.

“Hawkish comments from Fed’s Powell prolong the slide of Treasury bonds, pushed DXY higher and stocks got sold off. For USDINR, it is quite an important day considering yesterday’s close, central bank’s action crucial to watch out today,” Kunal Sodhani, vice president, Shinhan Bank (Global Trading Centre) said.

“A break of Rs 83.32 may open doors for Rs 83.60 levels while Rs 83.15 acts as a support,” Sodhani said.

. Read more on Business News by BloombergQuint.

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