On November 21, the Indian rupee displayed minimal change against the US dollar, maintaining stability amidst gains observed in Asian currencies. As of 9:10 am, the rupee was quoted at 83.33 against the dollar, reflecting a marginal increase of 0.02 percent compared to its previous closing rate of 83.35.
The preceding day saw the rupee breaching the Reserve Bank of India’s protected level of 83.30 due to the maturity of a $2 billion Non-Deliverable Forward (NDF). The necessity to acquire dollars from this maturity resulted in substantial demand for the dollar, making it consistently sought after, as noted by analysts. Throughout the week, close attention will be paid to various developments, including significant economic indicators such as US Federal Reserve meeting minutes, consumer confidence data, and PMI figures. It’s noteworthy that US markets will be closed on November 23 in observance of Thanksgiving.
In the broader Asian currency landscape, positive trends were observed. The Taiwanese dollar recorded a gain of 0.78 percent, while the Japanese yen and Malaysian ringgit both rose by 0.46 percent. The Chinese renminbi also experienced a rise of 0.38 percent. Additionally, the Thai Baht and South Korean won registered gains of 0.35 percent each, the Philippines peso increased by 0.3 percent, and the Singapore dollar saw a rise of 0.19 percent.
Meanwhile, the dollar index, which gauges the strength of the US currency against major counterparts, was observed at 103.265, marking a decrease of 0.17 percent from its previous close at 103.438. As market dynamics continue to evolve, the week unfolds with a focus on these economic indicators and currency movements, influencing the trajectory of the Indian rupee against the US dollar.
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