The Indian rupee fell 6 paise after a strong start, and is now trading at 82.71 vs the US dollar in intraday trade on Thursday. The currency began at 82.65 and is now trading in the 82.60 to 82.85 band against the US dollar. On Wednesday, the rupee ended the previous trading day at 82.63.
“Recovery attempts were limited to 82.65 with the moves remaining lacklustre. Continue to expect dips to 82.5 followed by upswings, but unless 82.8 gives away, expect renewed attempts to break down, aiming 82.2,” said Anand James, Chief Market Strategist at Geojit Financial Services.
The dollar index, which measures the strength of the US currency against six major world currencies, was 0.27% higher at 103.45.
“The USDINR 26 September futures contract traded within a confined range, positioned below its 82.95 moving average support on the daily chart. Negative MACD divergence and an RSI below 50 underline the weakening trend. With notable resistance around 82.95, breaching and sustaining above this level is crucial for strength; otherwise, a revisit of 82.66-82.45 support is likely. Watch 82.66-82.95 for potential positions as a breakout will guide the next directional move,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Source:FE