Quote on Rupee : The rupee showed weakness as it faced resistance at the 81.80-81.85 zone Says Jateen Trivedi, LKP Securities
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Below is Quote on Rupee 09 May 2023 By Jateen Trivedi, VP Research Analyst at LKP Securities
The rupee showed weakness as it faced resistance at the 81.80-81.85 zone. Fell by 0.25rs at 82.05 with a low of 82.15 Meanwhile, the dollar index gained strength in the last 24 hours, rising from its low of $100.85 to its high of $101.30. FII's were seen booking profits in the capital markets, putting further pressure on the rupee. The PSU sectors were affected by the profit booking, adding to the rupee's weakness. Market participants are keeping a close eye on the upcoming US CPI number on May 10, 2023, as it is expected to set the tone for the dollar index trend.
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