Rupee touches 83.70/$1 on Friday for the first time since US Fed rate cut
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Rupee touches 83.70/$1 on Friday for the first time since US Fed rate cut

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The rupee weakened to 83.70 versus the US dollar on Friday due to month-end demand for the greenback from oil companies and local corporates due to month end demand. This is also the first time the currency exchange rate has touched the 83.70/$1 mark since the US Federal Reserve’s 50 basis point rate cut on 18th September.

The rupee weakened by 6 paisa to end at 83.70 per US dollar, versus its previous close of 83.64/$1, LSEG data showed. On a weekly basis, the local currency depreciates by 0.1%

“The dollar inflows into Indian markets were minimal today, plus there was demand for dollars from importers and local corporates ahead of the next month. This dollar demand is also expected to be seen next week”, said Dilip Parmar, currency research analyst at HDFC Securities.

The rupee also weakened as traders kept off from placing large bets against the dollar after data showed strong GDP growth in the US.

The US economy registered growth of 3% in the April-June period, the same level as the previous quarter and in line with economists’ estimates. Therefore, the likelihood of a 50 basis point rate cut by the Fed has come down to 49.4%, from 61% the previous day, according to the CME’s FedWatch tool.

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Markets now await the US personal consumption expenditure (PCE) data to gauge on further rate cuts by the US Fed. PCE data for August is expected to be unchanged at 0.2% on month, according to a StuffsEarth Poll.Lower interest rate in the US makes assets of emerging market economies more attractive to foreign investors due to a higher interest rate differential.

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