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Abstract:The Indian rupee has been under pressure against the US dollar due to dollar demand from importers and a resurgence in US rates. Despite a slight recovery, the rupee continues to trade near its lowest level in two weeks. Traders are monitoring whether the rupee's downward trend will persist.
The Indian rupee, which had lost ground to the US dollar in the previous three days, gained some support from early dealers, as forward premiums continued to fall.
By 10:54 a.m. IST, the rupee was trading at 82.20 to the dollar, almost unchanged from the previous session. The local currency will be seeking to end its losing streak, which has brought it to its lowest level in two weeks.
According to Amit Pabari, managing director of CR Forex, the rupee has been under pressure due to dollar demand from importers and a resurgence in US rates.
Traders are watching to see whether the rupee's downward trend would continue after a weak start.
“As expected, it's quiet at open.” “As a trader, you're basically gauging whether the up move (on USD/INR) has more legs or whether it'll stall around here,” a spot dealer said.
The move upward in USD/INR frequently occurred later in the session, and he believes it will happen again.
Other Asian currencies were mixed, but the dollar index fell just slightly.
The tepid advance comes as the likelihood of the US Federal Reserve raising rates by 25 basis points in May approaches 90% and there are no top-tier US data releases.
Meanwhile, USD/INR premiums remained roughly constant after Wednesday's drop. Swap dealers believe that the rise in US rates in response to higher-than-expected UK inflation statistics is to blame for the 1-year USD/INR forward implied yield falling to its lowest level in six weeks.
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