MUMBAI : The Indian rupee briefly rose against the dollar above a level that's being closely watched by traders, but was unable to pierce it convincingly.The rupee was trading at 81.25 per U.S. dollar by 10:32 a.m. IST compared with 81.36 in the previous session. The local currency reached an intraday hig
MUMBAI : The Indian rupee briefly rose against the dollar above a level that's being closely watched by traders, but was unable to pierce it convincingly.
Speculators were likely encouraged by the move below 81.20 after a few failed attempts, said a trader at a private sector bank. However, it looks like there may not be much in the 81.20 breach, but the afternoon could surprise us, they added. The dollar index was slightly higher and near-maturity Treasury yields inched up. The dollar's outlook against its major peers remains challenging on expectations that the U.S. Federal Reserve is almost nearly done with its rate hike cycle.
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