Indian Rupee Weakens Against The U.S. Dollar

Indian rupee weakened 14 paise to close at 82.05 against the U.S. dollar on Wednesday.
<div class="paragraphs"><p>Indian rupee notes. (Photo: Vijay Sartape/BQ Prime)</p></div>
Indian rupee notes. (Photo: Vijay Sartape/BQ Prime)

The Indian rupee depreciated against the U.S. dollar on Wednesday after Federal Reserve Chair Jerome Powell marked a potential rate hike of 50 basis points at this month's meeting.

The local currency opened at 82.24, depreciating 32 paise against the greenback since Monday's close, according to Bloomberg data. It closed at 81.92 on Monday.

The rupee ended at 82.05, depreciating 14 paise against the U.S. dollar.

"Supports for the USD-INR spot pair are at 81.70 and 81.55, and resistances are at 82.20 and 82.35," said Reliance Securities Ltd.

The brokerage also highlighted that most Asian and emerging market peers have started weaker this morning, which could weigh on the local currency.

"We suggest buying in the pair above 82.05 with a stop loss of 81.70 for the target of 82.35- 82.55," said Rahul Kalantri, vice president of commodities at Mehta Equities Ltd.


Swastika Mukhopadhyay is a desk writer at BQ Prime, who...more
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