MUMBAI: The Indian rupee declined marginally on Thursday, after hovering in a tight range for much of the session as state-run banks’ intermittent dollar sales capped pressure on the unit on account of broad-based demand for the greenback.
The rupee ended at 86.xxxx, down from its close at 86.54 in the previous session. The currency hovered between 86.57-86.6250 band on the day.
The dollar index was just of the 108 mark, up slightly on Thursday. Trading in Asia remained thin, with many regional markets closed for the Lunar New Year holidays.
State-run banks were spotted offering dollars near 86.60 levels, which helped cap the rupee’s losses, traders said.
While the Reserve Bank of India (RBI) was likely active near that level on Wednesday and Thursday, the 86.60-86.65 range is also a “technical resistance zone (for USD/INR),” a trader at a private bank said.
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