The Indian rupee opened slightly higher against the US dollar on Thursday, commencing trading at 84.069, a minor improvement from the previous day’s record low of 84.082. It briefly touched a new low of 84.085 during the day.
The currency is anticipated to fluctuate between 84.00 and 84.20 throughout the day. Support is identified at 84.03, while resistance levels are expected at 84.15 and 84.20. These levels will be crucial in determining the rupee’s short-term movements.
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The US dollar is currently strong, trading at a three-month peak against major currencies. This strength is driven by expectations of a slower pace in Federal Reserve rate cuts and increased speculation about a potential second term for Donald Trump.
The dollar index, a measure of the greenback against a basket of six major currencies, is slightly down by 0.07% at 104.36. Meanwhile, the US 10-year bond yield remains steady, holding at its recent high of 4.23%, showing sustained investor interest.
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Brent crude oil prices have risen by 1.27% to $75.91 per barrel and are poised for a 3% weekly increase. This rise comes despite a significant unexpected surge in US inventories, amidst ongoing concerns over Middle East tensions affecting global oil supply.
