Despite challenges like rising oil prices and a strong dollar index,
the Indian rupee strengthened slightly against the US dollar and held steady at
around 83, tracking gains in the Asian currencies.
At 9.10 am, the home currency was trading at 83.11 to a dollar, up
0.1 per cent from its previous close of 83.19. The rupee opened at 83.13.
Data on September 28 stated Bharat’s present account deficit broadened
to $9.2 billion in the June quarter, amounting to 1.1 per cent of the GDP. It
was above seven times of what it was in the previous quarter but was lower than
$17.9 billion (2.1 per cent of GDP) in the year-ago period.
“The rupee has been held in check around the 83.20 levels due to
likely intervention that prevented the rupee from crossing the 83.30 mark,
keeping it within a trading range of 82.80 to 83.30. However, if this range is
breached on either side, we could witness a momentum swing of approximately 70
to 90 paise,” said CR Forex.
The dollar retreated from a 10-month high amid expectations that
the US economy will withstand higher interest rates better than other
economies. Traders were waiting for US personal consumption expenditures data
due later in the day.
Asian currencies were trading higher. The South Korean won rose 0.5
per cent, Philippines peso 0.43 per cent, Malaysian ringgit 0.39 per cent,
Chinese renminbi 0.19 per cent, Indonesian rupiah 0.14 per cent and,
Singaporean dollar 0.08 per cent. The Thai Baht and the Japanese yen fell 0.07
per cent each.
The dollar index, which measures the US currency’s strength against
major currencies, was trading at 106.05, down 0.16 per cent from its previous
close of 106.24.
Reuters
