Mumbai, India – October 16, 2024 – The Indian rupee weakened on Thursday as importers ramped up dollar purchases for month-end payments, combined with the unwinding of long positions after failing to maintain a crucial resistance level at 83.50.
As of 10:45 AM IST (9:15 AM UAE time), the rupee traded at 83.6850 against the US dollar, down 0.1% from the previous close of 83.5925. In terms of the UAE dirham, the rupee was at 22.80.
Market Dynamics
Traders noted that demand from importers, particularly oil companies, significantly contributed to the rupee’s decline. Additionally, a large foreign bank has been actively purchasing dollars, likely linked to the
