MUMBAI: The Indian rupee ended weaker on Thursday, despite an uptick in its Asian peers, as dollar demand from foreign banks weighed on the local currency, alongside importers’ hedging demand.
The rupee closed at 83.47 against the US dollar, moderately weaker from its close of 83.4250 in the previous session. The local unit hovered in a tight 83.42-83.4750 band during the day’s session.
Most Asian currencies gained, with the Thai baht up 0.6% and leading gains. The dollar index was steady near 105.7 after declining 0.6% on Wednesday following the Federal Reserve’s monetary policy decision and Chair Jerome Powell’s comments.
The dollar-rupee pair was “well bid on dips” on Thursday, with “strong buying seen at 83.42 levels,” a foreign exchange trader at a private bank said.
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