Rupee Slips Marginally to 88.66 Against Dollar Amid Mixed Global Cues

The Indian rupee ended marginally lower on Thursday, reflecting a cautious trading session influenced by global monetary signals and dollar demand from importers. At 3:30 p.m. IST, the rupee was quoted at 88.66 per U.S. dollar, down 0.05% from Wednesday’s close of 88.6125. Traders noted limited volatility, with the currency holding within a narrow band throughout the day.

Major takeaways:

• The rupee closed at 88.66/USD, marking a 0.05% decline from the previous close of 88.6125.
• Dollar demand from oil importers and corporate outflows contributed to intraday pressure on the rupee.
• U.S. Federal Reserve commentary and upcoming inflation data kept traders cautious, limiting aggressive positions.
• The RBI was not seen intervening actively, allowing market-driven movement within a stable range.
• Analysts expect the rupee to remain range-bound near 88.50–88.80 in the near term, barring major global shocks.

Sources: Reuters, X-Rates 1, ExchangeRates.org 2