The Indian rupee rose against the dollar on Monday as the greenback declined against its major peers, while forward premiums added to last week's surge.
The rupee last traded at 82.6950 per U.S. dollar, up from 82.87 in the previous session. The local currency had opened at 82.81.
"Rupee is expected remain in a range of 82.20 to 82.90 in the next four days," said Anil Bhansali, head treasury at Finrex Treasury Advisors. "Positioning is generally on the long dollar side." The dollar has struggled on bets that the U.S. Federal Reserve is close to halting is rate hike cycle. Fed futures are pricing in a terminal rate of below 5% by the middle of next year. Last week, the Fed raised rates by 50 basis points to 4.25%-4.50%.
The dollar index is down over 9% from year-to-date highs. The rupee has been an underperformer relative to its Asian peers in the dollar's pullback.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/INR Price News: Indian Rupee struggles to cheer US Dollar retreat near 82.70, RBI Minutes eyedUSD/INR Price News: Indian Rupee struggles to cheer US Dollar retreat near 82.70, RBI Minutes eyed – by anilpanchal7 USDINR CentralBanks RiskAppetite YieldCurve Inflation
Read more »
Indian shares recover from two sessions of lossesIndian shares rose on Monday, after falling for two straight sessions, led by gains across sectors barring information technology and pharma.
Read more »
Indian tech workers in Silicon Valley protest immigration discriminationFor many skilled workers from India who were recruited by tech companies to work in Silicon Valley, getting a green card is practically impossible.
Read more »
Indian shares set to rise on China recovery hopesIndian shares are set to open higher on Monday on hopes of demand recovery in China, even as concerns of global recession linger.
Read more »
Air quality plummets in Indian capital as temperature fallsAir pollution worsened in New Delhi on Monday to the 'very poor' category after a few days of clear skies, as lower temperatures and calmer winds trapped pollutants.
Read more »
Netflix’s Indian Comic Book Adaptation ‘The Archies’ Wraps Production – Global Bulletin‘THE ARCHIES’ WRAPS PRODUCTION Production has wrapped up on “The Archies,” a Netflix coming-of-age, live action musical set in 1960s India, based on the teenagers of Riverdale and the popular comic…
Read more »