Mumbai: As per Danske Bank A/S, the Indian currency will test a fresh low by year-end. The currency may decline to 83.60 per dollar by December, said Allan von Mehren, chief analyst at Danske Bank, who had the most accurate estimates in Bloomberg’s quarterly rankings.
The Indian rupee appreciated against the US dollar on Wednesday amid softening crude oil prices in the international market. But, the local currency faced some resistance due to subdued sentiment in the domestic equity market and foreign fund outflows.
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At the interbank foreign exchange market, the local currency opened at 83.29 and inched up to at 83.24 against the US dollar, registering a gain of 7 paise from its previous closing level. The rupee closed little changed at 83.28 on Wednesday, after sliding to an all-time low of 83.5750 last month. On Tuesday, the Indian rupee appreciated 6 paise to close at 83.31 against the US dollar.
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading at 104.63, lower by 0.02 per cent.
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