INDIA New England News
Mumbai–The Indian rupee continued to depreciate on Wednesday amid a strengthening dollar across currencies globally.
The rupee ended at 74.32 per dollar on Wednesday, weakening by 9 paise from its previous close.
Rahul Gupta, Head Of Research (Currency), Emkay Global Financial Services, said: “The rupee is on an edge, for which the greater sensitivity probably lies towards stronger US data and a stronger dollar.”
He noted that that the foreign exchange market is focusing on a “potentially hot” US labour report and the degree to which the new Covid variant reduces recovery expectations.
“So until the USD-INR spot trades above 73.75-73.80, it will remain afloat with immediate resistance around 74.50 and then to the 74.75 zone. The major supports lie around 73.75-73.50-73.45,” Gupta said.
Mumbai
Maharashtra
India
Rahul-gupta
Research-currency
Emkay-global-financial-services
File-photo
Head-of-research
மும்பை
மகாராஷ்டிரா
இந்தியா
ராகுல்-குப்தா