- November 19, 2022
- Posted by: Stratford Team
- Category: Economy
MUMBAI, Nov 18 (Reuters) – The Indian rupee was little changed on Friday as the benefit from a plunge in oil prices was countered by continued corporate demand for the dollar.
The rupee was at 81.6650 per dollar, against its previous close of 81.65. The currency has declined 1% in volatile trade so far this week, giving back half its gains from last week in the wake of slightly soft U.S. inflation data.
There is persistent demand for dollars from oil importers and other corporates, said foreign exchange traders.
“Any dips in USD/INR are being bought out this week,” said Ritesh Agarwal, head of treasury at CTBC Bank.
When the pair fell near 80.5 on Monday, it became extremely attractive for importers to start covering after having been in a loss-making position for a while, Agarwal added.
He expects the rupee to weaken to 82 as soon as next week. The rupee last traded in the 80-handle in mid-September.
Asian currencies were mostly higher as the onshore yuan…
