The Indian rupee slid to an all-time low on Friday, closing at 85.9650 against the US dollar, down 0.2% for the week. The rupee has hit new closing lows for the third consecutive day this week and this marked its tenth consecutive weekly decline, surpassing the previous record low of 85.9325 reached on Thursday.
The currency has faced consistent pressure from a strengthening dollar and weak capital inflows. The dollar index remained above 109, nearing a two-year high as markets awaited US non-farm payroll data, which could shape expectations for Federal Reserve rate cuts.
State-run banks, likely acting on behalf of the Reserve Bank of India (RBI), intervened to sell dollars on Friday, helping to limit the rupee’s losses, according to three traders cited in Reuters’ report.
Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan expects that the pressure on currency will continue in the near-term, “Weak tone in the domestic markets, a strong greenback and persistent FII outflows may continue to put downside pressure on the Rupee. Additionally, the rising crude oil prices, as well as surge in the US treasury yields may further weigh on the domestic unit. However, any RBI intervention may support Rupee at lower levels. Traders may take cues from the non-farm payrolls report and consumer sentiment data from the US.” The rupee is expected to trade in a range of 85.80-86.15/$, he added.
Persistent headwinds, including a surging dollar and global economic uncertainties, have weighed heavily on the rupee. However, the RBI’s routine interventions have provided some stability, cushioning its decline.
Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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