Currency: the dollar stable, the rupee falling : Orishas-finance

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Currency: the dollar stable, the rupee falling

12/06/2024

Source : ORISHAS-FINANCE

Categories: Economy/Forex

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Currency: the dollar stable, the rupee falling

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The dollar stabilized on Wednesday, while the Indian rupee could fall to an all-time low at the open.

The dollar stabilized on Wednesday after reaching a four-week high against other currencies overnight, as market participants awaited key US inflation data and updated projections of inflation rates. 39; interest from the Federal Reserve expected later today.

The dollar index, which measures the greenback against a handful of other major currencies, was little changed at 105.26, after reaching the highest level since May 14 at 105.46 overnight.

The Kiwi dollar strengthened slightly to $0.6142, after climbing from a low of $0.6100 at the start of the week. The resistance is up to the recent three-month high of $0.6215

The Indian rupee could fall to an all-time low at the open on Wednesday ahead of important US inflation data and new interest rate forecasts from Federal Reserve officials.

Undeliverable futures indicate that the rupee will open between 83.58 and 83.60 per US dollar, up from 83.5650 in the previous session and beyond the all-time low of 83.5750 reached in April.

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