Rupee Ends Weaker Against US Dollar For Fifth Consecutive Day
The rupee weakening was driven by continued uncertainty on the global front, as investors still await a breakthrough in Indo-US trade deal.
The Indian rupee weakened 8 paise to end lower against the US Dollar, settling at 86.37, effectively extending its losing streak to five consecutive days.
The rupee weakening was driven by weak sentiments in the domestic capital markets and focus now will shift to Fed Chair Jerome Powell's upcoming speech, notes LKP Securities's Jateen Trivedi.
"Rupee traded lower by 0.08% at 86.36 as domestic capital markets remained weak and the dollar index held flat to slightly positive near 97.86. Market participants now shift focus to Fed Chair Powell’s upcoming speech, which could influence global currency sentiment," he said.
"Rupee is expected to remain within a range of 85.75–86.60," he added.
The local currency closed Monday's trading session at 86.29 and opened Tuesday's trading session against the greenback at 86.25, before eventually falling.
Rupee's current level at 86.37 marks its lowest point in a month, as the US dollar weakens its slide.
