The rupee gained 6 paise to 82.54 against the US dollar in early trade on Monday, May 29, 2023, tracking positive trends in domestic and global markets as well as inflows of foreign funds.
The dollar index is trading almost flat at 104 level with forex traders awaiting an agreement on the US debt ceiling between US President Joe Biden and Republican House Speaker Kevin McCarthy.
At the interbank foreign exchange, the domestic unit opened stronger at 82.57 against the dollar and hit the highest level of 82.51. Later, it slipped to 82.54, registering a gain of 6 paise over its previous close.
On Friday, the rupee closed at 82.60 against the US currency.
Anand James, Chief Market Strategist at Geojit Financial Services, said in his rupee outlook that the Indian currency is likely to reach the level of 82.25 against the US currency.
“Inability to float above 82.70 has elevated the risk of revisit of 82.45. Breach of the same may expose 82.2. Until this holds, we may pull back into the…