Rupee Weakens Against Dollar With Yen Slump, US GDP In Focus
The local currency depreciated three paise to close at Rs 83.35 against the greenback.
The Indian rupee closed weaker against the dollar on Thursday ahead of the release of crucial data from the US, including the advance GDP estimates for January–March.
The local currency depreciated three paise to close at Rs 83.35 against the greenback. It had closed at Rs 83.32 on Wednesday, according to Bloomberg data.
"The US dollar tips into a fresh 34-year high against the Japanese yen. US durable goods orders were solid. The advanced Q1 GDP growth numbers in the United States will be in the spotlight today. The de-escalation of Middle East tensions contributed to increased market stability," Kunal Sodhani, vice president of Shinhan Bank, said.
"The global challenges, the strong domestic fundamentals, robust FDI flows, and the RBI's proactive stance suggest a potential movement towards Rs 83.00-82.80 in the short term and Rs 82.50-82.20 in the medium term," Amit Pabari, managing director at CR Forex, said.