Rupee ends Marginally Lower At 82.73 against dollar.
The Indian rupee closed marginally lower at 82.73 against the US dollar on Tuesday.Bloomberg data showed the rupee last changing hands at around 82.73 per dollar after opening at 82.65, compared to its previous close of 82.6850 on Friday.
The range for the local currency during the day was between 82.59 and 82.79.While the domestic currency gained in early trade on the back of an easing dollar due to a less hawkish US Federal Reserve bets, the gains were not sustained later in the day after the Chinese yuan fell.The Chinese yuan hit a 15-year low on concerns that Xi Jinping’s new leadership would prioritise the state more than the private sector.
Sterling also received some support for expectations that the new prime minister, Rishi Sunak, will bring stability.Last week, driven by aggressive monetary tightening agenda concerns, the rupee hit a new record low, dropping to 83.29 per dollar. However, the Reserve Bank of India stepped in to stop the bleeding and bring the rupee back below the 83-mark.
Indian financial markets were closed on Monday and will be shut on Wednesday for Diwali celebrations and, as such, could limit capital inflows in thin trade.
