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Wednesday, July 17, 2024
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UAE: Indian rupee slightly up against dirham

The Indian rupee gained seven paise against the US dollar early Wednesday, with a subdued trend in local equities. Forex experts noted the rupee’s cautious trading ahead of the BRICS summit and US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium this week.

Starting at 83.02 (22.62 against the UAE dirham) in interbank foreign exchange, it reached a high of 82.92 against the US dollar (22.59 against dirham), marking a seven paise increase from its previous close.

The rupee recently rebounded from its low of 83.16 due to interventions from the Reserve Bank of India (RBI) in non-deliverable forwards and over-the-counter trading.

“The RBI seems determined to prevent a new rupee low,” shared a bank’s forex trader, adding that short rupee positions now seem less favorable given the risk-reward balance.

Amit Pabari, MD at CR Forex, mentioned the RBI’s influence in constraining rupee losses within the 83.15-83.25 range.

Most Asian currencies were weaker against the dollar index, which reached a two-month high in the New York session. The rise in near-term US yields bolstered the dollar.

The 2-year US yield is at 5.04%, close to its high within the current Federal Reserve rate hike cycle. Investors are eagerly anticipating Powell’s speech at Jackson Hole for insights into potential future rate hikes.

Later in the day, US flash PMI data will offer indications of the world’s largest economy’s resilience amid robust rate hikes.

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