The Indian rupee closed flat against the US dollar on Monday, paring morning gains, as month-end dollar demand from importers offset the impact of easing greenbacks following Federal Reserve Chair Jerome Powell's Jackson Hole address, which bolstered expectations for an interest rate cut at the September meeting.
The local currency closed flat at Rs 83.90 after having opened at Rs 83.82, according to Bloomberg data. It had closed at 83.90 on Friday.
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The rupee was expected to have been in the range of Rs 83.75-83.95, with the Reserve Bank of India buying dollars at lower levels of the pair and selling near Rs 83.95, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
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The dollar index, which tracks its performance against a basket of 10 leading global currencies, was at 100.78 after going up by 0.06% at 3:38 p.m. IST, and Brent Crude was trading at $78.79 per barrel after going up by 0.82% at 3:39 p.m. IST.
The dollar index had fallen 0.18% to 100.53 as it lost to the yen. The index hit its lowest level since July 2023 for the first time on Friday.
International benchmark Brent oil was at $79.51, up 0.62% earlier, as no Gaza ceasefire was in offer, with fighting intensifying between Israel, Hamas and Hezbollah over the weekend.
Last week, Powell's highly anticipated speech boosted expectations for an interest rate cut at the Fed's upcoming meeting on Sept. 17–18. "The time has come for policy to adjust," Powell said.
While the direction for policy changes is clear, the timing and pace of rate cuts will be guided by incoming data, the evolving economic outlook, and the balance of risks, he emphasised.
Powell expressed increased confidence that inflation is progressing towards the Fed's 2% target but noted a significant cooling in the labour market.
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