The Indian rupee opened little changed against the US dollar on Wednesday, even as the greenback surged as the latest economic data in the US trimmed expectations of a rate cut by the Fed.
The local currency opened at Rs 83.37 against the US dollar, compared with Rs 83.38 at close on Tuesday, according to Bloomberg data.
“US job openings slightly exceed expectations, while factory orders show robust growth, impacting Treasury note rates,” said Kunal Sodhani, vice president of Shinhan Bank. “Many Fed officials see three rate cuts as reasonable this year. Higher Brent crude prices continue to act like slow poison for the rupee.”
For the rupee, Rs 83.28 will act as a support and Rs 83.50 as a resistance, he said.
The Indian rupee remained range-bound as the RBI continued to support it around Rs 83.40 while importers bought dollars to hedge their payables, according to Anil Kumar Bhansali, head of Treasury and executive director at Finrex Treasury Advisors.
