Rupee Ends Six-Day Losing Streak Against US Dollar; Closes Flat
This brings an end to the rupee's prolonged six-day weakness against the greenback.
The Indian rupee ended Thursday's trading session flat against the US dollar, settling at 86.41. The local currency started strong during the earlier phase of the trading session, but later pared the gains as crude oil prices rose.
This brings an end to the rupee's prolonged six-day weakness against the greenback and comes against the backdrop of the signing of the free trade pact with the United Kingdom.
All eyes will now be on next week's interest decision from the US Federal Reserve, notes Jateen Trivedi from LKP Securities.
"Rupee opened strongly with 0.3% gains supported by a weaker dollar index near 97.30 in early trade. However, as the dollar index began to recover intraday, the rupee gave up its gains and settled near 86.40 from the day’s high of 86.25," Jateen said.
"Market participants remain cautious ahead of next week’s U.S. Federal Reserve policy decision, which is expected to provide further direction. The rupee is likely to trade in a range of 85.85–86.65 in the near term," he added.
