Big Blow to the Rupee...Dollar Surges Ahead

The Indian rupee weakened by 30 paise against the US dollar and settled at 94.63 on Thursday. Uncertainty surrounding the West Asia peace agreement and the strengthening of the dollar increased pressure on the domestic currency.

The rupee opened at 94.42 in the forex market and witnessed significant volatility during the day, moving in the range of 94.24 to 94.76. According to HDFC Securities analyst Dilip Parmar, the rupee may find strong support at 94.10, while resistance is expected near the 95.30 level.