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Rupee Pares Some Gains To End At 82.50 A Dollar On A Souring Global Mood
Rupee's appeal eases slightly as dollar recovers The rupee pared some of the sharp gains from earlier in the session on Thursday, as the dollar recovered from a five-week low to trade higher as markets were getting ready for another significant rate hike from the European Central Bank. Reuters said the rupee slipped to almost 82.50 by close on dollar demand related to the daily fixing and from importers after opening at 82.15 per US dollar compared to the previous close of 82.7250. "The rupee opened sharply higher at 82.1350, and the dollar remained well bid since that level as oil companies, and importers sprang in to catch the lower levels of the pair," said Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors. But this month, the central banks of two developed countries surprised market participants with lesser rate increases than anticipated, increasing the likelihood that the Fed will change course. The Reserve Bank of Australia increased rates earlier this month by 25 basis points instead of the anticipated 50 basis points. They can either quash any such thoughts or, as it seems to have been doing recently, kindle them with some encouraging noises even as it hikes rates by 75 bps next week." Source - NDTV
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