The Indian rupee closed little changed against the US dollar on Friday amid an easing oil price, even as a widening trade deficit weighed on the local currency. New economic data that alleviated recessionary fears in the US and led to a global market recovery may support the rupee.
The rupee closed at Rs 83.94 against the US dollar, according to Bloomberg. It had closed at Rs 83.95 on Wednesday.
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"The trade deficit on the domestic front has widened to $23.5 billion, driven by a surge in oil imports and slower export growth. While this scenario exerts some pressure on the rupee, the downside appears to be capped at 84.05," said Amit Pabari, managing director of CR Forex Advisors.
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The US Dollar was at 102.81 at a downturn of 0.16% at 3:37 p.m. Brent crude was trading at $79.99 at a downturn of 1.30% at 3:39 p.m.
Oil prices dipped as the market weighed strong US economic data and the potential for an attack by Iran or its allies on Israel against a subdued demand forecast from China.
A series of US economic reports this week—covering inflation, jobless claims, and retail sales—has provided reassurance to investors, bolstering the view that the US economy might be entering a 'Goldilocks' period where inflation remains controlled without compromising growth.
All eyes will be on Jerome Powell's speech at next week's Jackson Hole meeting, as the market eagerly awaits insights into the Fed's economic outlook, according to Pabari.
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