Dollar Demand News Today

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The dollar index was steady at 105.1 after dipping to a near one-month low on Friday after data showed that U.S. employers added fewer jobs than expected in April and the unemployment rate rose.

INDIA-MARKETS/RUPEE:INDIA RUPEE-Rupee declines on weakness in Asian peers, foreign banks dollar buys

Indian Rupee: Asian currencies were mostly down between 0.1% and 0.3%. The dollar index slipped 0.3% to 105.6, after the Japanese yen recovered from a 34-year low hit earlier on Monday, with traders citing yen-buying intervention by Japanese authorities to support the currency.

The domestic currency closed at 83.44 per US dollar on Wednesday, sliding from 83.38 Tuesday. So far in 2024, the Indian currency has depreciated 0.3% against the US dollar.

The Indian rupee struggled to build on its upward momentum on Friday, on dollar demand from oil companies and other importers, and the Federal Reserves wariness over cutting interest rates early.

Markets News: The rupee depreciated 4 paise to 83.15 against the US dollar in the morning session on Monday, amid elevated crude oil prices and dollar demand from importers.

The dollar index was lower at 103.25 while most Asian currencies gained. The Japanese yen was up nearly 0.2% after the Bank of Japan maintained its ultra-easy monetary settings on Tuesday but gave hints that the policy might be tweaked at its next meeting.

India Business News: The rupee started the new year on a weak note, depreciating by 6 paise to 83.22 against the US dollar amid a muted trend in domestic equities and doll

Equity-related outflows were another headwind for the rupee, said Dilip Parmar, a foreign exchange research analyst at HDFC Securities. Overseas investors have sold over $1.19 billion worth of Indian equities in October so far, according to NSDL data.