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The Indian rupee opened at a fresh low against the U.S. dollar.
The local currency dipped 0.06%, or 5 paise at the open, to 83.03. During opening trade, it fell as much as 0.1% to 83.07, a record low for the rupee.
The currency hit the 83-mark for the first time on Wednesday, as the dollar continued to strengthen.
“The dollar index rose to 113 levels, the U.S. 10-year yield to 4.15% and crude oil to $92.25 levels. The rupee to range between 82.8 to 83.5. Yesterday, rupee’s weakness was caused by probable dollar buying at 82.02 by RBI in currency futures and outflows of large size of $500 million from Gail and MRPL. RBI did not protect 82.4 and short covering of the pair took it to 83 with stop losses trigerring between 82.4 to 83.5,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors.
“Global cues were USD positive as risk off sentiments, strong dollar index, weak Asian currencies and surging U.S. bond yields, all coupled to push USDINR higher. Over the near term, we expect USDINR to trade with a positive bias, within a range of 82.7 and 83.5 levels,” said Anindya Banerjee, vice president of currency derivatives and interest rate derivatives at Kotak Securities.
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Image and article originally from www.bqprime.com. Read the original article here.