Mumbai, Jan 11: The Indian rupee continued its upward trend against the US dollar, gaining 2 paise to close at 83.01 on Thursday. This marks the seventh consecutive day of appreciation for the Indian currency.
The rupee’s resilience is attributed to lower crude oil prices in the global market and sustained foreign fund buying in the stock markets. Throughout the day, the rupee exhibited fluctuations, ranging between 82.92 and 83.07.
Market analysts are closely monitoring the upcoming US Consumer Price Index (CPI) data, scheduled for the evening, as it is expected to influence the Federal Reserve’s stance on potential interest rate cuts. Jateen Trivedi, VP Research Analyst at LKP Securities, stated, “If the inflation data comes in weaker, it could provide support for the Fed to consider rate cuts in the coming months.”
Despite the day’s fluctuations, the rupee has demonstrated strength at the beginning of 2024, aided by positive participation in capital markets and RBI interventions maintaining support around 83.30-83.40. Trivedi anticipates a broader range for the rupee between 82.75 and 83.25.
