The Indian rupee weakened against the U.S. dollar, closing at **83.6425**, down from **83.5925** in the previous session.
This decline was driven by month-end dollar buying from importers and the unwinding of long positions in the interbank market, despite a generally positive trend among Asian currencies. Traders noted that while the rupee had shown some strength recently, it struggled to break through a key resistance level, reflecting ongoing pressures in the foreign exchange market as importers sought dollars for payments[1].
Citations:
[1] https://economictimes.indiatimes.com/markets/forex/forex-news/rupee-ends-lower-despite-rise-in-most-asian-peers-powells-remarks-in-focus/articleshow/113698843.cms
[2] https://www.eximbankindia.in/blog/blog-content.aspx?BlogID=9&BlogTitle=Dollar+Dominance+in+Trade%3A+Facts+and+Implications
[3] https://www.scmp.com/week-asia/economics/article/3277016/india-rice-traders-want-easing-export-curbs-competition-pakistan-stiffens
[4] https://www.ntu.edu.sg/cas/news-events/news/details/india-eases-rice-export-ban-on-four-african-nations
[5] https://www.businesstoday.in/india/story/centre-likely-to-ease-export-curbs-on-rice-with-international-prices-set-to-cool-444066-2024-09-02
[6] https://www.bloomberg.com/news/articles/2024-07-08/india-mulls-easing-rice-export-limits-in-boon-to-world-buyers
[7] https://www.iatp.org/agricultural-trade-standards-within-ipef
[8] https://www.voanews.com/a/china-s-airspace-intrusion-a-wake-up-call-for-japan-us-lawmaker-says/7763579.html