MUMBAI: The Indian rupee ended little changed against the dollar on Monday, shrugging off weak regional cues as traders sought further clarity on the outlook for interest rates in the US The rupee ended at 81.9350 to the dollar, compared with a close of 81.93 on Friday. The Indian unit traded in a narrow 11-paise band and saw lacklustre volumes on account of a trading holiday in the US in observance of Juneteenth. Foreign fund inflows are dragging the USD/INR pair lower, said Dilip Parmar, research analyst at HDFC Securities. The pair has strong support between 81.90 to 81.60, while resistance is placed at 82.25, Parmar said.
The Korea won led Asian currencies lower, dropping 0.8% to the dollar. Most other currencies were down at least 0.1%, while the dollar index edged higher to 102.41. Asian equities were also broadly lower. After several central bank rate decisions last week, investors will watch out for comments from a host of US Federal Reserve speakers this week, including Chair Jerome Powell’s congressional testimonies on Wednesday and Thursday.
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