Indian Rupee Falls To 1-month Low Against U.S. Dollar
(RTTNews) - The Indian rupee weakened against the U.S. dollar in the Asian session on Friday, due to continued foreign fund outflows, a higher U.S. dollar, and ongoing concern surrounding trade tensions between the U.S. and India.
Increased demand for the U.S. dollar is a danger for corporations hedging currency and maturing Non-Deliverable Forwards (NDFs).
Despite this dip, dealers pointed out that the rupee's decline was protected by falling crude oil prices and a positive outlook in the stock markets, which avoided possibly more severe losses.
In the near future, it is anticipated that the Reserve Bank of India (RBI) would keep lowering interest rates.
Against the U.S. dollar, the rupee fell to a 1-month low of 90.67 from yesterday's closing value of 90.36.
The rupee started falling against the U.S. dollar from Monday.
If the rupee extends its downtrend, it is likely to find support around the 91.00 region.
Looking ahead, Canada housing starts for December, U.S. industrial and manufacturing production for December, U.S. NAHB housing market index for January and U.S. Baker Hughes oil rig count data are slated for release in the New York session.
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