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Market snapshot
The Indian rupee weakened about 30 paise to close at 91.0275 per USD, against the previous close of 90.73. Traders saw the currency test an intraday range with a high of 90.7625 and a low of 91.08.
Intraday movement
- Opening/previous close: 90.73 per USD
- High: 90.7625 per USD
- Low: 91.08 per USD
- Closing: 91.0275 per USD
What this means for businesses and consumers
A softer rupee can make imports more expensive, potentially putting upward pressure on input costs for companies that depend on foreign goods and services. Exporters may find some relief as a weaker rupee can improve competitiveness abroad, but the net effect depends on their cost structures and hedging strategies.
Factors to watch
- Global cues: Dollar strength, US interest rate expectations and geopolitical developments can influence the rupee.
- Commodity prices: Movements in crude oil and other imports affect the trade balance and currency demand.
- Domestic flows: Foreign investment flows and central bank commentary can sway short-term direction.
Bottom line
The rupee ended the day slightly softer, trading just above the 91-per-USD mark. Market participants will be watching global and domestic signals closely for clues on the next move in the currency market.