The dollar index was little changed at 105.7, hovering near a two-week low, after minutes of the U.S. Federal Reserve s latest meeting showed policymakers taking a cautious stance.
The Indian rupee ended the week flat against the US dollar, marking its second consecutive weekly loss. The currency was pressured by rising US Treasury yields and a stronger greenback. The Reserve Bank of India s decision to maintain key lending rates did not provide any fresh cues for the currency.
The rupee opened at 83.21. It was poised to start even lower, tracking non-deliverable forwards, but that was averted by likely U.S. dollar sales by the Reserve Bank of India.
The stock had reached a record peak of Rs 1503 on 18 October 2021, but had failed to hold the momentum. It witnessed a corrective phase, which pushed the stock below both short- and long-term moving averages on the daily and weekly scales.