Home Business Rupee stabilizes at 82.35 on dollar's rise, but risks remain

Rupee stabilizes at 82.35 on dollar’s rise, but risks remain

Rupee Today: Domestic Currency 82.35 . but was stable

The rupee held steady on Monday as the dollar eased into a cautious open for the week, even as financial conditions continue to tighten to reflect fears of a global recession and weigh on riskier assets.

Bloomberg showed that the rupee was last changing at 82.3525 per dollar against Friday’s 82.36.

The domestic currency is trading in the 82.3188 to 82.3925 range, well below its record low of 82.6950 against the greenback.

But risks remain, and the Reserve Bank of India is expected to shore up and stabilize the rupee from any wild changes in currency markets, especially after the latest minutes of the Monetary Policy Committee’s (MPC) future rate hike. Along, a dull tone is shown. Data-dependent decisions.

For now, however, the dollar’s weakness compared to its peers in the group of 10 brought little respite to frenzied currency markets.

“Rupee range is 82.00 to 82.60 (per dollar) for today as RBI may continue its protection of some levels. Japan may intervene to protect yen from further decline, but overall $ strength continues,” Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors.

Traders continued to look for potential support measures to help the yen, which is nearing a 32-year low and near the crucial 150 level against the US Dollar.

The pound rose on the assumption that the UK could roll back more of its tax cuts.


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