The Indian rupee ended little changed on Thursday after hovering in a tight range through much of the session with traders awaiting fresh cues for directional momentum.The rupee ended at 83.1150 against the U.S. dollar, barely changed from its previous close at 83.1225. The local unit posted a marginal weekly loss of 0.06%.Indian markets are shut on Friday on account of a local holiday.Come from Sports betting site
The dollar index edged lower to 103.16 and most Asian currencies dipped, with the Indonesian rupiah leading losses down by 0.7%. The broad trend on the rupee seems to signal sideways momentum with a slight downward bias, Dilip Parmar, a foreign exchange research analyst at HDFC Securities, said.
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While the rupee had rallied sharply to 82.77 earlier this month, it has since shed much of its gains, pressured by equity outflows and a broad pickup in the dollar strength, amid paring of aggressive U.S. rate cut expectations.Another move above 83 in the near-term seems unlikely but the downside is well capped near 83.30-83.35 as well, a foreign exchange trader at a private bank said.Investors are currently pricing in a 56% chance of the U.S Federal Reserve keeping rates unchanged in March, up from about 44% a week earlier, according to CME’s FedWatch tool.
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“We continue to see a very mixed investment environment and one in which conviction views can be dangerous,” ING Bank said in a note.Investors will keep an eye on U.S. GDP data for the October-December quarter due later in the day which is expected to show 2% year-on-year growth, down from 4.9% in the previous quarter, according to a Reuters poll.The GDP data will be followed by personal consumption expenditure inflation data, the Fed’s preferred inflation gauge, on Friday.
