Rupee Opens Flat Against Dollar
The Indian rupee opened flat against the greenback on Friday as a decline in the US dollar index nullified the impact of crude oil prices.
The domestic currency opened flat at 84.56 against the dollar, according to Bloomberg data. It had settled at 86.55 a dollar Thursday.
The dollar index extended losses to the fifth day. The index, which measures the strength of the greenback against the six major currencies, declined after data showed that the number of people filing in the US for unemployment benefits rose more than than expected.
US jobless claims came after softer Producer Price Index and Consumer Price Index data, which increased hopes that the Federal Reserve will cut rates according to projections in 2025.
"US Retail Sales from December underperformed, weekly Initial Jobless Claims rose. Mixed data releases prompt investors to reassess near-term rate expectations, but the USD's longer-range trajectory remains constructive," Kunal Sodhani, vice president of global trading centre at Shinhan Bank, said. "For USDINR, 86.35/40 acts as a resistance while 86.70 support."
Crude oil prices rebounded in the Asia session as supply concerns weighed on investors' minds, which put pressure on the Indian unit. The US has imposed its harshest curbs on Russian oil supply.
"Exporters may continue to wait with a stop loss at 86.25 a dollar since the rupee remains in a weakening mode due to dollar demand. Importers to buy all dips," said Anil Bhansali, executive director of Finrex Treasury Advisors LLP.
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