Once the rupee exits the 81.40-81.80 range, "we would like
to trade in the direction of the break," said Anindya Banerjee,
head of research - FX and interest rates at Kotak Securities.
"There is a risk of the rupee heading to 82.50, especially
if the (Union) budget fails to boost sentiment," he added.
Sour sentiment due to volatile Indian equities amid the
Adani saga, and anticipation of the budget, due on Feb. 1, could
keep the rupee under pressure this week, a trader said.
(Reporting by Anushka Trivedi; Editing by Janane Venkatraman
and Eileen Soreng)
(Adds details, trader comments)
MUMBAI, Jan 31 (Reuters) - The Indian rupee weakened
beyond 82 versus the U.S. currency in late afternoon trade on
Tuesday, with traders citing stop losses being triggered as the
dollar index jumped.
The rupee declined up to 82.05 per dollar, its
lowest level since Jan. 10. It had opened at 81.58.
Dollar purchases by foreign banks in the morning and the
strength in the dollar index triggered stop losses around
the 81.75-81.80 mark, traders said.
Risk assets were having a poor show as the dollar gained
0.3%, after climbing above the 102-level overnight, with
investors globally awaiting the outcome of the U.S. Federal
Reserve's policy meeting on Wednesday.
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