The Indian rupee opened little changed against the US dollar on September 11, despite gains in its Asian peers. The national currency traded at 82.95 per dollar, up 0.01% from the previous close of 82.94.
Analysts are expecting key consumer price inflation data on September 12 amid rising crude oil prices globally. According to a Bloomberg poll, India’s CPI stood at 7.1% in August compared with 7.44% in July.
“When we look beyond the August impact and take into account key factors such as India’s strong economic growth, strong PMI numbers, rising foreign investments and the upcoming festive season, there is a possibility that The Indian rupee will gradually strengthen, likely reaching between 82.50 and 82.20 against the US dollar,” Amit Pabari, analyst at CR Forex, wrote in a note to investors. private. On September 8, the rupee initially traded around 83.15, but was boosted by strong dollar selling by a state-run bank, possibly acting on behalf of the Reserve Bank of India ( RBI).
Analysts said the RBI has been actively intervening to support the rupee whenever it approaches the 82.80-83.10 range, which could prevent the rupee from depreciating back to these levels.
Asian currencies traded higher. The Japanese yen increased 0.92%, China Offshore increased 0.42%, Thai baht 0.38%, Chinese yuan 0.31%, Singapore dollar 0.21% and Taiwan dollar increased 0, 08%. The Indonesian rupiah fell 0.21%.
The dollar index, which measures the strength of the US currency against major currencies, was trading at 104.73, down 0.34% from the previous close of 105.09.
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