Indian Rupee Ends Week Unchanged Amid Persistent U.S. Dollar Demand

Despite strength in Asian currencies and a drop in oil prices, local companies' demand for the U.S. dollar keeps the rupee from gaining.

The Indian rupee closed slightly weaker on Friday, ending the week largely unchanged.
Persistent U.S. dollar demand from local companies offset the positive cues from strength in Asian currencies.
Brent crude oil futures were up slightly on Friday but have fallen over 11% so far in November due to concerns about weaker global demand.
The rupee is likely to continue consolidating between 83 and 83.30 in the near-term but is expected to head lower eventually.
Investors are pricing in rate cuts of 100 basis points in 2024, beginning from May.