The Indian rupee declined on Wednesday on threat aversion fuelled by the US credit standing downgrade, placing the forex susceptible to slipping beneath a key degree.
The rupee was at 82.47 to the US greenback by 10.54 am IST, down from 82.2550 on Tuesday. US fairness futures and Asian shares declined following the US credit standing downgrade, boosting demand for safe-haven greenback. Asian currencies had been down as much as 0.8 % whereas the greenback index inched up.
“Don’t suppose the greenback’s transfer larger is ample to take it (USD/INR) to close 82.50, a degree which is necessary within the present slender vary market,” an FX salesperson at a financial institution mentioned.
“I think that there are importers who’ve been caught napping and probably a little bit of quick positions exiting.”