Indian Rupee Weakens Against The U.S. Dollar

Indian rupee opened weaker against the U.S. dollar on Thursday as better data led to a small recovery in the greenback and bond yields.

Rupee weakened 4 paise to open at Rs 83.19 against the U.S. dollar on Thursday, according to Bloomberg data. The local unit had closed at Rs 83.15, highest in nearly four weeks on Wednesday.

Most Asian peers weakened during early Thursday’s trade and that will weigh on sentiments, according to a note by Reliance Securities. “Domestic trade numbers were also weak on Wednesday and will not help the local unit,” it said.

“Among other pairs, we expect GBPINR, the EURINR and the JPYINR spot pairs to remain range bound to lower this Thursday’s trade,” the brokerage said.

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