The rupee closed down 2 paise at 79.81 against the US dollar on Wednesday. At 79.84 per dollar, the domestic currency opened. It hovered in the range of 79.68 to 79.87 during the session in the interbank foreign exchange market. Eventually, the domestic unit settled at 79.85.
Restricted movement of rupee due to rising crude oil prices. The greenback declined due to disappointing economic data from the US, said Anuj Chowdhury – Sharekhan Research Analyst at BNP Paribas. He added that safe-haven appeals in weak global markets and US Treasury yields supported the dollar.
“Market participants may also be cautious ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium later this week,” Chowdhury said, adding that in the next few sessions the USD/INR spot price is expected to trade between Rs 79.20 and Rs 80.50.
