Rupee expected to struggle as positive US data strengthens dollar
The Indian rupee is likely to face pressure at the start of the week following a rise in US business activity to a two-year high, which has bolstered demand for the dollar.
Non-deliverable forwards indicate the rupee (USDINR) will open slightly weaker against the US dollar. The currency reached an all-time low last Thursday, largely due to outflows related to Vodafone Group selling its stake in the Indus Towers of India.
Find out why the Indian rupee is losing strength.
Disclaimer:
The performances of the Indian rupee will be closely tied to global indicators such as the US PCE data. The rise in US business activity and a stronger dollar create a challenging environment for the rupee, and traders should exercise caution in navigating the financial markets.
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