Rupee recovers from all-time low, gains six paise
The rupee saw some recovery from its all-time low level and appreciated six paise to 85.07 against the US dollar in early trade on Friday.
Forex traders said the rupee is likely to remain in a weakening mode due to significant dollar demand.
The Dollar Index (DXY) is expected to remain elevated, with resistance near the 110 level in the near-term amid a reduced likelihood of significant Fed rate cuts in 2025. The Federal Reserve cut rates by 25 basis points on Wednesday, but its forward guidance for 2025 has softened, with expectations reduced from four rate cuts to just two.
At the interbank foreign exchange, the rupee opened at 85.07, registering a gain of six paise from its previous close. It was later trading at 85.10 against the greenback, a tad above the all-time low level.
Forex traders said the rupee is likely to remain in a weakening mode due to significant dollar demand.
The Dollar Index (DXY) is expected to remain elevated, with resistance near the 110 level in the near-term amid a reduced likelihood of significant Fed rate cuts in 2025. The Federal Reserve cut rates by 25 basis points on Wednesday, but its forward guidance for 2025 has softened, with expectations reduced from four rate cuts to just two.
At the interbank foreign exchange, the rupee opened at 85.07, registering a gain of six paise from its previous close. It was later trading at 85.10 against the greenback, a tad above the all-time low level.