Indian Rupee in Tight Trading Range Against US Dollar
The Indian rupee displayed minimal movement against the U.S. dollar, maintaining a narrow range early on Friday as traders awaited fresh cues to drive momentum. Trading at 83.3575 against the U.S. dollar (23.15 dirhams), the rupee's value remained relatively steady compared to the previous session's close at 83.3475 (23.15 dirhams). Asian currencies experienced a slight dip, with the Korean won and Thai baht declining by 0.4 percent. The dollar index held steady at 103.7, reflecting subdued global markets post the Thanksgiving holiday in the United States. Traders anticipate the rupee to stay within a 5-6 paisa range throughout the day. Despite IPO-related inflows this week, sustained dollar demand from local companies has prevented significant rupee gains. Maiden share sales worth $900 million were scheduled in the domestic market this week. Investors are closely watching U.S. inflation data expected next Thursday for insights into potential Federal Reserve policy adjustments. Analysts suggest that lackluster moves persist, and any slippage below 83.26 could indicate weakening strength in USD/INR.
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By- Sahiba Suri
By: Sahiba Suri
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