Indian rupee opened almost flat on January 22 and then fell marginally due to outflows from foreign investors.
The local currency opened at 86.5650 against the US dollar, and by 9:30 AM it traded at 86.5938 against the US dollar, as compared to 86.5863 at close on the previous trading session against the greenback.
Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP said that the Indian rupee may trade in the range of 86.30/70 for the day as we keep a watch on RBI keeping a tab on the rupee whole easing the liquidity by doing longer tenure buy-sell swaps.
On January 21, the Indian rupee opened 28 paise up against the dollar at 86.3875 hours after Donald Trump was sworn in as the US president and laid out broad contours of his tariff plan which will likely take some time to shape.
Hours after his inauguration, Trump said that he could impose a 25 percent tariff on Canada and Mexico from February 1, which can intensify trade tensions with neighbouring nations.
Further, Amit Pabari, managing director at CR Forex Advisors said that looking ahead, the USD/INR pair is projected to trade between 86.20 and 86.80, with 86.20 acting as support and 86.80 as resistance, as markets remain cautious amid ongoing global uncertainties.
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