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Reading: UAE: Indian Rupee Shows Minimal Movement Against Dirham in Early Trading – News
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Gulf Press > Business > UAE: Indian Rupee Shows Minimal Movement Against Dirham in Early Trading – News
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UAE: Indian Rupee Shows Minimal Movement Against Dirham in Early Trading – News

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Last updated: 2024/05/08 at 8:26 AM
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The Indian rupee was under pressure on Wednesday due to portfolio outflows and dollar payments by oil companies, but it remained largely supported. The currency was at 83.50 to the US dollar at 9.24 am, showing minimal change from the previous session. Traders mentioned constant bids on USD/INR, with oil companies and foreign banks contributing to the pressure on the rupee. Despite this, the market believes that the Reserve Bank of India (RBI) is actively intervening to prevent the currency from dropping below the all-time low of 83.5750.

The RBI’s intervention is seen as a factor in preventing a further decline in the rupee. Traders speculate that the RBI is selling dollars to maintain the currency’s stability. The market dynamics suggest that the RBI’s presence at the opening of trading sessions influences market behavior. The realized volatility for the rupee has been minimal on Wednesday, with the currency trading within a narrow range. In the broader Asian context, most currencies were weaker, while the dollar index managed to rise to 105.56.

The dollar’s recent strength is attributed to its rebound after a brief slump following the less-hawkish stance of the Federal Reserve and weak US payrolls data. The US interest rate outlook continues to be a crucial factor for the dollar’s performance. Federal Reserve Bank Minneapolis President Neel Kashkari indicated that he anticipated two rate cuts this year, but there is a possibility of only one cut or no cuts at all. The uncertainty surrounding US interest rates adds to the volatility in currency markets.

Despite the challenges, the Indian rupee has demonstrated resilience in the face of external pressures. The stability of the rupee against the US dollar amid global economic uncertainties reflects the confidence in India’s economic fundamentals. The RBI’s proactive measures to support the currency highlight its commitment to safeguarding financial stability. Traders and analysts will closely monitor the RBI’s interventions and market trends to assess the rupee’s future trajectory.

In conclusion, the Indian rupee’s performance in the forex market is influenced by various factors, including global economic trends, RBI interventions, and US interest rate outlook. The currency’s ability to withstand external pressures and maintain stability underscores the strength of India’s economy. Traders continue to navigate market dynamics and monitor developments to make informed decisions. As the forex market remains volatile, staying updated on relevant news and analysis is crucial for effective trading strategies.

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News Room May 8, 2024
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