MUMBAI: The Indian rupee inched lower on Friday due to dollar demand from importers and oil companies, but clocked weekly gains on the back of foreign fund inflows into the share and bond markets.
The rupee ended at 82.9375 per US dollar compared with its close of 82.84 in the previous session.
On the week, the rupee rose 0.1%. The unit had risen to a three-week high of 82.8350 on Thursday. Traders said that the rupee was unable to break past the key resistance level of 82.80 this week, despite inflows, amid likely intervention from the Reserve Bank of India (RBI).
“We don’t expect the rupee to rise sharply above 82.70-82.80 levels as the RBI may attempt to intervene and buy dollars,” Jigar Trivedi, senior research analyst - currencies and commodities at Reliance Securities, said.
The Federal Reserve’s “wariness” over cutting interest rates early will also keep the rupee under some pressure, he said.
Comments
Comments are closed for this article.