Posted by MUMBAI, Feb 18 (www.GoldTradingCalls.com) The Indian rupee weakened on Thursday as the USD climbed overseas, triggering demand for the US unit from importers. Lower domestic shares also weighed.
The partially convertible Indian rupee ended at INR 46.27/28 per USD, about 0.3 per cent lower than Wednesday’s close of INR 46.11/12. It traded in the range of INR 46.1750 to INR 46.31.
The US dollar’s rise spooked importers, who began buying dollars to cover their requirements. They expects the rupee to trade in a INR 46.15-46.35 range on Friday.
The USD was close to a seven-month high against a currency basket after the Federal Reserve’s minutes showed several policymakers had discussed strategies for withdrawing monetary stimulus.
The USD index against six majors was up about 0.3 per cent.
Foreigners were net buyers of USD 178 million in the last three sessions, after dumping USD 2.2 billion over 16 sessions. Last year, record inflows of USD 17.5 billion had helped the Indian rupee rise 4.7 per cent.
One-month offshore non-deliverable forward contracts ended at INR 46.33/37, weaker than the onshore spot rate.
In the currency futures market, the most traded near-month USD-INR contracts on the National Stock Exchange and MCX-SX were at INR 46.2725 and INR 46.27 respectively.
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