USDINR is likely to trade on the negative note on the back of profit booking in USD across the board, says Sushil Finance.
The Indian rupee rose on Wednesday, rebounding from a seven-month low touched earlier in the session as investors saw recent losses as overdone, even as caution prevailed ahead of an extended holiday.
The rupee opened weaker at 61.95, a level last seen on March 4, but steadily regained some ground. The unit fell in both the previous sessions, dragged down by a global rally in the dollar due to worries about earlier-than-expected U.S. rate hikes.
Still, the rupee fell 0.75 percent for the week, its biggest loss since the trading week ended on Aug. 1, which was also marked by gains in the dollar. It was also the rupee's fourth consecutive weekly fall.
Outlook
USDINR is likely to trade on the negative note on the back of profit booking in USD across the board.
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