Rupee searches for direction around familiar resistance level

MUMBAI : The Indian rupee briefly rose against the dollar above a level that's being closely watched by traders, but was unable to pierce it convincingly.

Speculators were likely encouraged by the move below 81.20 after a few failed attempts, said a trader at a private sector bank. However, it looks like there may not be much in the 81.20 breach, but the afternoon could surprise us, they added. The dollar index was slightly higher and near-maturity Treasury yields inched up. The dollar's outlook against its major peers remains challenging on expectations that the U.S. Federal Reserve is almost nearly done with its rate hike cycle.

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Rupee seen lower as growth fears hit risk sentimentMUMBAI : The Indian rupee is likely to weaken at open against the U.S. dollar on Thursday as mounting global growth concerns prompted investors to exit risk assets.The rupee is tipped at around 81.45 to the dollar in early trading against the dollar, compared with the 81.24 close in the previous session.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »