Page 2 - Rupee Update News Today

Rupee Update: The rupee has been "moving in small ranges" over the last two sessions which is likely to persist on Wednesday, Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors, said.

Rupee Update: The rupee has hovered in a tight band between 83.0575 and 83.18 over the past five trading sessions.

Rupee Update: At the interbank foreign exchange market, the local unit opened at 83.13 against the greenback. The unit oscillated between an intraday low of 83.14 and a high of 83.08 and finally settled at 83.11 (provisional) against the dollar, 1 paisa higher from its previous close.

At the interbank foreign exchange, the rupee opened at 83.28 against the dollar, then fell to 83.32, registering a fall of 11 paise over its previous close.

​The dollar index snapped a two-year winning streak to end about 2% lower in 2023, as growing expectations of a U.S. rate cut pressured the greenback

The Reserve Bank of India has been instrumental in keep volatility muted, intervening regularly in spot, non-deliverable forwards and futures, according to traders. "You have U.S. yields, oil risk, a well supported dollar and portfolio outflows. All through this, the rupee has basically done nothing," an FX salesperson at a bank said.

The FOMC also stressed that the long-term projections are inherently uncertain and subject to change as the financial atmosphere is highly dynamic and contains numerous potential risks that could influence future outcomes, Bhansali said.

The RBI (Reserve Bank of India) needed to make its presence felt just before open, or we would have seen a big move on the upside (on USD/INR)," a trader said.

At the interbank foreign exchange market, the local unit opened at 83.02 against the US dollar and moved in a range of 82.98 and 83.20.

The rupee was quoted at 83.0250 to the U.S. dollar, down about 0.1% from the previous session. On the interbank order matching system, before the normal OTC opening time of 9.00 a.m., the rupee had dropped to 83.16. The RBI likely sold dollars to pull the rupee back near the 83 level.