The Indian rupee closed 11 paise stronger at 85.80 against the US dollar on Thursday in comparison to its previous close of 85.91 on Wednesday. This significant depreciation comes amid various global and domestic economic factors influencing the currency markets.
The domestic currency opened 3 paise stronger at 85.88 against the US dollar.
Ritesh Bhanshali, director of Mecklai Financial Service Ltd., said the rupee will have resistance level of 86.15 and key support lies at 85.50.
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Additionally, the US dollar softened to 98.89 and was stuck near a six-week low after weak US economic data revived fears of a slow growth and high inflation.
However, analysts expect further declines with mounting concerns about the US federal deficit and debt. Adding to the pressure, President Trump doubled tariffs on steel and aluminum, further clouding the outlook.
On Thursday, crude extended decline for the second day with Brent crude – the global benchmark for crude oil – falling 0.19% to $64.74 amid signs that Saudi Arabia may take another major production decision at next month's OPEC+ meeting, reported Bloomberg.
Despite being down for two sessions crude continues to be in positive for the week. It was also up last week as OPEC+ boosted supply in line with market expectations.
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