Indian Rupee Weakens Against The U.S. Dollar

The Indian rupee weakened by about 22 paise against the greenback to 82.72 at market open on Monday.

As of 10:30 a.m., it had depreciated by 23 paise to 82.73, according to Bloomberg data.

The local currency closed at 82.50 on Friday.

“Looking ahead, the Indian rupee could likely open weaker against the dollar on Monday, tracking losses in Asian currencies and equity on concerns over the U.S. interest rate outlook,” Reliance Securities said.

The brokerage predicted that the local currency could open at around 82.6000 to 82.6500, compared with 82.4975 in the previous session. “Supports for the USDINR spot pair are at 82.3500 and 82.2000; resistances are at 82.7000 and 82.8000, and the pair could remain within the levels this Monday,” it added.