In the realm of foreign exchange trading on May 8, the Indian rupee showcased stability vis-Ã -vis the US dollar, despite prevailing negative sentiment in the domestic equities market and a robust US currency. Forex analysts attributed this resilience to substantial foreign fund outflows in the global arena, which curtailed investor confidence.
Commencing at 83.50 at the interbank foreign exchange market, the rupee experienced a marginal uptick, touching 83.49, indicating a 2-paise gain from the previous close of 83.51 on May 7. Market observers highlighted that while the demand for the dollar remained firm, the rupee found solace in the backdrop of declining crude oil prices.
Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, suggested that importers might opt for a cautious approach, setting a stop loss at 83.60, in light of the ongoing dollar demand.
