Indian Rupee Closes At Record Low Of 83.27 Against U.S. Dollar
The local currency weakened 9 paise to close at an all-time weakest level of Rs 83.27 against the U.S. dollar on Monday.
The Indian rupee weakened against the U.S. dollar on Monday, amid the surging price of crude.
The local currency weakened 9 paise to close at an all-time weakest level of Rs 83.27 against the U.S. dollar on Monday. It closed at Rs 83.18 on Friday, according to Bloomberg data.
"USD-INR is expected to face the hurdle near 83.30 and move back towards 83.00 amid softness in dollar. Further, growing optimism of Fed pause in its next policy could restrict its upside," ICICI Direct Research had said in a Sept. 18 note.
"The probability of no hike in the next Fed policy remained steady at 99% mark. USD-INR is expected to face stiff resistance near 83.30. Only a move above 83.30 would open the doors towards 83.50," according to the note.
"The U.S. Dollar Index has been on a bullish trend, continuing from the previous month. It has rallied from 103.50$ to 105$ this month in September. This sustained strength in the U.S. dollar has been a significant factor in the rupee's weakness," Jateen Trivedi, VP Research Analyst at LKP Securities said.
"The focus of market participants will now turn to the Federal Reserve's interest rate decision on Wednesday. While there is an expectation that there will be no rate hike this time, the statement and stance from the Federal Reserve will play a crucial role in determining the trend for the dollar. The rupee's trading range is expected to be between 83.05 and 83.45," Trivedi said.
