2 weeks ago
Rupee Depreciates 12 Paise to 95.45 Against US Dollar
The rupee is a name for the money used in India.
On Thursday, the rupee became a little weaker compared to the US dollar.
A US dollar now costs about 95 rupees and 45 paise, which is a little more than the day before.
Many investors around the world were feeling nervous, so they pulled money out of India.
That made the rupee lose some value.
The US dollar is also very strong right now, which makes other currencies look weaker.
People are also worried because the US and Iran have not yet made a deal.
However, some things might help the rupee: oil prices are softening, there is hope for new talks, and India's central bank, the RBI, can step in to support it.
Experts think the rupee will probably trade between about 95.20 and 95.70 per dollar for now.
The rupee depreciated 12 paise to 95.45 against the US dollar on Thursday.
Weak domestic markets and persistent foreign fund outflows weighed on the currency.
A delay in a deal between the US and Iran and broad strength of the American currency added to the pressure.
The rupee opened at 95.40 and traded in a range of 95.35-95.48 during the session.
Analysts expect USD-INR to trade between 95.20 and 95.70, with renewed Iran talks, softer crude oil, and possible RBI intervention as supports.
- Who
- The Indian rupee, and traders and analysts such as Anuj Choudhary of Mirae Asset ShareKhan.
- What
- The rupee depreciated 12 paise to 95.45 against the US dollar amid weak domestic markets and foreign fund outflows.
- Where
- Mumbai, India (interbank foreign exchange market).
- When
- Thursday, during the interbank foreign exchange trading session.
- Why
- Weak domestic markets, persistent foreign fund outflows, the delay in a US-Iran deal, and broad strength of the US dollar in overseas markets.
Key facts
- USD-INR close
- 95.45 (provisional)
- Daily change
- Depreciated 12 paise
- Session open
- 95.40
- Session range
- 95.35-95.48
- Previous close
- 95.33 (Wednesday)
- Expected trading range
- 95.20-95.70
- Key market factors
- Weak domestic markets, foreign fund outflows, US-Iran deal delay, strong dollar
- Analyst comment
- Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan
Quotes
Anuj Choudhary
Research Analyst, Mirae Asset ShareKhan
“We expect the rupee to trade with a slight negative bias on the delay in the deal between the US and Iran and a strong dollar.”
thehansindia.com
Sources
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