Mumbai: The Indian rupee recovered from its all-time low level against the US dollar on Thursday. The Indian currency is witnessing a range-bound trade in early hours. According to forex traders, the rupee was trading in a narrow range as persistent foreign fund outflows, a muted trend in domestic equities and the strength of the American currency in the overseas market, dented investor sentiments.
Forex traders said RBI interventions will keep the USD/INR pair between 83.80 and 84.35. Moreover, the US Federal Reserve monetary policy and officials’ comments will be in focus to derive further momentum.
Also Read: Acer launches two new Iconia tablets in India: Price, Specifications
At the interbank foreign exchange, the Indian rupee opened at 84.26 against the US dollar, registering a rise of 5 paise over its previous close. On Wednesday, the Indian rupee depreciated 22 paise to close at an all-time low of 84.31 against the US dollar.
The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.10 per cent lower at 104.98. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Wednesday, as they offloaded shares worth Rs 4,445.59 crore.
Post Your Comments