Rupee depreciates on stronger dollar and higher crude oil prices
The rupee depreciated against the US dollar on Wednesday due to a stronger dollar and higher crude oil prices. The dollar index gained after the release of August US CPI data, which showed that inflation rose to 3.7% YoY from 3.2% YoY in July. Core inflation, which excludes food and energy prices, declined to 4.3% YoY from 4.7%.
Analysts believe that the rupee is likely to remain in the 82.80-83.10 range in the near term. The pair is expected to face resistance near 83.10 and move towards the lower end of the consolidation range on expectation that the Fed will not raise rates in its next policy meeting.
Investors will now eye today’s key US PPI numbers and retail sales data, which could provide more clues to the future rate path.
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