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NRIPage | Articles | Indian Rupee Opens Flat at 84.24 Amid Continued Dollar Demand | Get General Articles. Stay Informed on a World of Topics - NRI Page
The Indian rupee opened flat at 84.24 against the US dollar on Thursday, following a slight dip of 11 paise to close at 84.45 on Wednesday. On Tuesday, it had closed at 84.34. The minor decline reflects the ongoing volatility in the foreign exchange market. The rupee had also opened weaker by 5 paise at 84.39 on Wednesday morning.
Analysts predict that the rupee's range for the day will likely stay between 84.30 and 84.50. Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, noted that exporters are expected to remain cautious, waiting for a potential dip with a stop loss set at 84.25. On the other hand, importers are advised to buy the rupee on dips.
The weakness of the rupee on Wednesday was primarily due to strong demand for the US dollar. The Reserve Bank of India (RBI) intervened by selling dollars in the market as the rupee neared 84.47, which helped it appreciate slightly to 84.39 before closing at 84.4525.
The rupee continues to face pressure mainly due to sustained dollar demand and global uncertainties, including the ongoing Russia-Ukraine conflict. Analysts have warned of a weaker outlook for the rupee, especially after a brief period of inflows earlier in the week.
In addition, foreign institutional investors offloaded Rs 5,321 crore worth of Indian equities on Thursday, taking the total net outflow to Rs 1.65 lakh crore over the past 37 sessions. The RBI's efforts to stabilize the rupee, including interventions in the non-deliverable forward market and selling dollars, have helped support the domestic currency amid global volatility.
