.jpeg?w=1200&auto=format%2Ccompress&ogImage=true&w=1536&resize=1536,0&ssl=1 "Indian rupee starts weak against US dollar amid global and domestic pressures")
The Indian rupee opened 5 paise lower at 84.39 against the US dollar on Wednesday after closing at 84.34 against the US dollar on Tuesday. The fall in the value of the rupee comes amid continued market pressure as the domestic currency continues to face challenges against a strong US dollar.
The rupee fell by 6 paise on Tuesday to close at Rs 84.34 after opening flat earlier in the day. This recovered slightly on Monday with the rupee gaining 17 paise to settle at Rs 84.28.
Rupee performance remains under pressure primarily due to continued US dollar demand and global uncertainties. Analysts had expected the outlook for the local currency to weaken, especially after a brief period of capital inflows that boosted Monday’s close.
The rupee is expected to open around $84.36 on Wednesday, with the trading range for the day expected to be between $84.25 and $84.45, said Anil Kumar Bhansali, head of finance at Finrex Treasury Advisors LLP. He said exporters may continue to refrain from selling and set stop losses at 84.25 as the rupee continues to weaken due to sustained dollar demand, while importers may take advantage of the weakening rupee. He added that he is likely to buy it. dollar.
