Rupee Weakens, Bearing The Brunt Of Markets Rethink On Fed, Dollar

The rupee weakened for the second day in a row ahead of key domestic retail inflation data and as the dollar regained its strength after markets repriced Federal Reserve action. PTI reported that the Indian currency fell 9 paise to 79.71 per dollar, and Reuters quoted the rupee at 79.6750, compared to 79.63 in the previous session.

At the interbank foreign exchange, the rupee opened at 79.67 against the US dollar and lost further ground to 79.71, registering a decline of 9 paise over the last close 79.62, according to PTI.

Bloomberg showed the rupee was last changing hands at 79.6438 per dollar, after opening at 79.6662, compared to the previous close of 79.6362.
According to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors, the rupee depreciated on Thursday, despite a fall in the dollar index and a rise in Asian currencies, amid heavy buying of the US dollar by the government, defence and oil companies.

“The demand may continue on Friday due to holidays in the next week. The range for the day is between 79.40 to 79.80,” Mr Bhansali said, adding that oil prices, however, are hovering near $100 per barrel, which is a matter of concern for the rupee and current account deficit (CAD).

Brent crude oil was on track to climb more than 4 per cent for the week, recouping part of last week’s 14 per cent tumble, its biggest weekly decline since April 2020. The international benchmark was trading at $99.26 a barrel.

Globally, investors have digested signs of cooling US inflation and hopes the Federal Reserve could slow interest rate hikes, but warning signs have emerged that the battle with rising prices was far from over.

AUD/USD: Daily chart


Today last price0.7109
Today Daily Change0.0003
Today Daily Change %0.04
Today daily open0.7106
Daily SMA200.6951
Daily SMA500.6942
Daily SMA1000.7088
Daily SMA2000.7153
Previous Daily High0.713
Previous Daily Low0.6963
Previous Weekly High0.7048
Previous Weekly Low0.6869
Previous Monthly High0.7033
Previous Monthly Low0.668
Daily Fibonacci 38.2%0.707
Daily Fibonacci 61.8%0.7029
Daily Pivot Point S10.7
Daily Pivot Point S20.6894
Daily Pivot Point S30.6826
Daily Pivot Point R10.7174
Daily Pivot Point R20.7243
Daily Pivot Point R30.7348