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Indian rupee dips slightly on Friday
The Korean won and Indonesian rupiah were leading losses in Asian currencies, while the Chinese yuan dropped to a one-month low
Photo: Reuters
The Indian rupee weakened on Friday tracking its Asian peers after US inflation data, which, while lower-than-expected, prompted comments from a Federal Reserve official that more progress is needed to combat inflation.
[Editor's Note: For real-time forex rates, click the widget below or visit KT's dedicated Trading News page here.]
The rupee was at 22.544 against the UAE dirham by 9.12am UAE time today, down from 22.537 on Thursday. The Korean won and Indonesian rupiah were leading losses in Asian currencies, while the Chinese yuan dropped to a one-month low.
The rupee was likely to trade in a range of 82.65 to 82.80 against the US dollar during the day with demand from importers seen around 82.70, a foreign exchange trader at a state-run bank said.
"Any small upside in the rupee is likely to be filled by importers, leading to a day of range-bound trading," said Arnob Biswas, head of FX research at SMC Global Securities.
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