Home Business The rupee rose to 82.32 as Asian currencies rose against a soft...

The rupee rose to 82.32 as Asian currencies rose against a soft dollar

Rupee rises against dollar on rise in Asian currencies

The rupee and dollar indices fell on Friday as Asian currencies edged higher as a third-quarter slowdown in US consumer and business spending dented Treasury yields.

Bloomberg showed that the rupee was at 82.3225 per dollar after opening at 82.3813, as against 82.5025 on Thursday.

PTI reported that the rupee rose by 4 paise to 82.29 against the US dollar in early trade.

It is “increasingly clear” that the 82 to 83 level is probably the “new range” for the rupee, a Mumbai-based trader told Reuters.

“The Federal Reserve meeting next week is a potential risk point, but we suspect it will have the effect of pulling the rupee out of this range,” the trader said.

In the previous session, while the domestic currency edged higher at 82.15 in early trade, it weakened sharply thereafter, driven by broad-based dollar demand from importers who took advantage of the rupee’s depreciation.

Anil Kumar said, “Indian Rupee is expected to strengthen slightly at 82.40 after dollar buying yesterday, taking the rupee from high of 82.1350 to low at 82.50. Range for the day expected to be in the range of 82.00 to 82.60 It is,” said Anil Kumar. Bhansali, Head of Treasury at Finrex Treasury Advisors.

“RBI has brought a special meeting on November 3 to discuss inflation, which has remained consistently above 6 per cent. The meeting is after the Fed on November 2. RBI will
Discuss the contents of the letter to the Central Government on inflation and the steps taken to bring it down.”

The less-than-hawkish recommendations of the European Central Bank further fueled demand for US government bonds, and the Reserve Bank of Australia and the Bank of Canada decided to raise interest rates lower than investors expected.

Those pivots from central banks and the prospect that the Federal Reserve will begin reducing the pace of hikes after next week’s meeting has prompted traders to reevaluate their expectations.


Ashneer Grover, Madhuri Jain summoned in legal battle with BharatPe

<!-- -->Ashneer Grover resigned from BharatPe in March. (file)New Delhi: The Delhi High Court today issued summons to former BharatPe MD Ashneer Grover...

Air India’s $400 million upgrade includes premium economy area

<!-- -->Air India said it has engaged JPA Design to assist with the cabin interior design. (File)Mumbai: Full-service carrier Air India today said...

Inox GFL Group raises Rs 1,500 crore, moves towards zero net debt

<!-- -->Rs 740 crore was raised through the IPO of Inox Green Energy Services. (File)Noida: Inox GFL Group on Thursday said it has...


Please enter your comment!
Please enter your name here

Most Popular

Former Prime Minister Manmohan Singh honored with ‘Lifetime Achievement Honor’ in Britain

London: Former Prime Minister Dr. Former PM Manmohan Singh has been honored with 'Lifetime Achievement Honour' by 'India-UK Achievers Honours' in London for...

Pathan’s success is victory over BJP’s negative politics: Akhilesh Yadav

<!-- -->Several Hindu rights activists called for a boycott of the film. (file)Lucknow: Samajwadi Party chief Akhilesh Yadav on Tuesday termed the success...

“It’s Completely…”: Suryakumar Yadav On Pitch After Hardik Pandya’s ‘Shocker’ Remark | cricket news

India's T20 vice-captain Suryakumar Yadav on Tuesday played down the Ekana Stadium pitch controversy, saying the wickets don't matter a lot and they are...

‘Taarak Mehta Ka Ooltah Chashmah’ again in controversy, Shailesh Lodha left the show in April, still not received the fees

'Taarak Mehta Ka Ooltah Chashmah' has once again become a topic of discussion. Actually, according to the report, the makers have not yet...

Recent Comments