Rupee slips to end at 83.52 vs dollar on Wednesday
)
09:45 AM IST
The rupee experienced a marginal depreciation of 3 paise against the US dollar, closing at 83.52 on Wednesday. Earlier in the trading session, the rupee opened slightly weaker at 83.50, marking a loss of 3 paise compared to its previous close at 83.49 on Tuesday.
Throughout the day, the rupee traded within a narrow range around 83.52, encountering minor weakness, primarily influenced by resistance observed near 83.45. Market analysts anticipate heightened volatility in the forex market ahead of the US inflation data release scheduled for Thursday. This event is likely to impact currency movements, potentially affecting the rupee's stability.
Despite these fluctuations, interventions by the Reserve Bank of India (RBI) have contributed to maintaining a stable rupee. Looking ahead, resistance levels for the rupee are identified between 83.35 and 83.40, while support levels are seen in the range of 83.60 to 83.70.
"The rupee traded in a flat range around 83.52, with minor weakness witnessed as 83.45 acted as a resistance point. The upcoming US inflation data on Thursday is expected to increase volatility in the forex market, potentially influencing the rupee. However, RBI intervention has been helping to keep the rupee stable. Consequently, the rupee range can be seen between 83.35-83.40 as resistance and 83.60-83.70 as support." stated Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
India macro fundamentals strong, rupee not depreciating against any currency other than USD: FM Nirmala Sitharaman
Indian rupee performed better than currencies of Canada, Korea, Brazil: Eco Survey 2024-25
RBI announces steps to encourage cross-border transactions in Indian rupee
Indian rupee to get support at 85.5, in case of breach it may test 86.5 against US dollar: UBI
Rupee slips 11 paise to 85.75 against the US dollar amid strong greenback and low trading volumes
