Home Business Rupee closes almost flat at 82.31 per dollar despite poor global mood

Rupee closes almost flat at 82.31 per dollar despite poor global mood

Rupee is in a position to end almost flat against the rise in the dollar

The rupee closed flat again on Wednesday with losses in the domestic currency limited by RBI intervention, while the dollar rose broadly against almost all major currencies on rising inflation and risks of a global recession.

While the domestic currency weakened against the dollar in a big way driven by increased flight-to-safety bets, it ended almost where it started on Wednesday, reflecting a similar trading pattern in the previous session as RBI sold the dollars for STEM through state-run banks. Any major loss in Rs.

Bloomberg showed that the rupee was turning around at 82.3112 per dollar compared to its previous close of 82.3225, currency trading was in a narrow range of 82.1575 to 82.3700.

But in interbank foreign exchange, the domestic unit opened at 82.32 against the dollar, then declined further at 82.35, registering a decline of 14 paise over the previous close, PTI reported.

Dilip Parmar, Research Analyst, HDFC Securities told PTI, “In line with the dollar index, the rupee marked another stable day. So far this week, the rupee has been trading in a narrow range and closed near 82.32. “

Mr Parmar said a rebound in domestic equities and central bank intervention ahead of significant retail inflation release supported the rupee in Wednesday’s trade. He said that in the short term, spot USD/INR is expected to trade between 82.10 to 82.80.

Markets are now waiting for the Indian retail inflation data on Wednesday for indications on trade direction.

Treasury chief Anil Kumar Bhansali said, “Rupee was stable for the second day in a row as RBI ensured that it does not weaken beyond 82.36 today. It hit a low of 82.16 before buying by oil companies.” In Finrex Treasury Advisors.

“Markets are watching today’s FOMC meeting minutes and tomorrow’s CPI from US to see the next movement in currencies. We are also waiting for CPI and IIP data from India this evening. Meanwhile, he said Rupee 82 is expected to remain at 83. In the near future.

Financial markets are uneasy on concerns that supply chain disruptions due to China’s new COVID-19 borders, geopolitical unrest and aggressive policy by major central banks in their fight against rising inflation will result in a worldwide recession.

On Tuesday, the International Monetary Fund warned of these risks and lowered its forecast for global growth, underscoring those concerns.

Avoiding this risk strengthened the dollar and the yen fell beyond the point at which the Japanese authorities were forced to intervene earlier.

The US dollar index, which compares the greenback to a basket of six major currencies including the yen, pound and euro, rose 0.16 per cent to 113.52 after reaching 113.54, its highest level since September 29.

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