The Indian rupee fell seven paise from its previous close to 82.99 versus the US dollar on Wednesday. Earlier in the session, the currency remained largely unchanged against greenback. In the previous session, the currency ended at 82.92 against the greenback.
The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last trading marginally lower at 104.3.
Crude oil benchmarks traded largely unchanged on Wednesday, weighed down by demand concerns, but are on track to post weekly gains. At the last count Brent crude futures were trading marginally lower at $92.05 per barrel. WTI futures were trading marginally higher at $88.86 per barrel.
"Post eight straight weeks of gain, the greenback remained docile around 104.50 levels ahead of key data and events scheduled throughout the week. Currently, the market is waiting for the climax as the story brewing is not sufficiently providing direction. The focus would remain on Core CPI (excludes food and energy prices) and Super-core CPI (core CPI- housing prices)," said Amit Pabari of CR Forex.
A softer release of inflation data would surely turn the Greenback “Red” , with the potential to fall around 103.50 levels, according to Pabari.
"Rupee’s momentum has perplexed the markets and tested the patience of the participants. With the Nifty being at a time high, reflecting the strong domestic fundamentals, the growth story of Indian corporates, and the confidence of investors, the rupee too shall come in line as, they say nothing remains undervalued/overvalued for a long time, it would be interesting to see when the rupee catches up with the fundamentals. For now, with a strong pipeline of inflows and active RBI, the rupee is likely to move towards 82.50 once the 82.80 mark is taken out. On the upside, 83.25 shall remain a strong resistance bar to breach," Pabari added.
First Published: Sept 13, 2023 9:31 AM IST
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