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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar this Thursday after the Federal Open Market Committee minutes showed that Fed officials agreed to begin reducing its pandemic relief of $120 billion in monthly purchases with a timeline that would see them tapered completely by next June.
The rupee ended at 74.51 per dollar compared with 74.40 in the previous session.
Asian currencies were mixed, while the dollar and the benchmark bond yield eased this Thursday in the European session and lent support.
Additionally, India's benchmark S&P BSE Sensex equity index rose this Thursday and weaker crude oil prices capped depreciation bias.
However, due to Thanksgiving holiday and lack any major triggers kept the rupee in a small trading band.
The dollar ended flat to marginally weaker, while the Euro ended flat to marginally higher on Thursday
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