The Indian rupee was expected to fall below 82 per dollar and hit a record low on Friday, after several US Federal Reserve officials repeated calls for higher interest rates ahead of the release of a crucial US jobs report.
The rupee is tipped to open at 82.15 to 82.20 per US dollar, down from 81.88 in the previous session.
It is “almost certain” that the rupee will open below 82 in light of the “huge dollar demand” witnessed after normal over-the-counter trading hours on Thursday, a trader at a private sector bank said.
The rupee on the interbank trading system fell to a low of 82.28 on Thursday.
USD/INR October futures, which trade beyond OTC hours, settled at 82.39, climbing by about 35 paise in the last one and a half hours.
The rupee's slump was fuelled by traders who were caught short on the USD/INR amid strong corporate dollar demand.
Traders who Reuters inquired with said there were defence payment-related dollar outflows on Thursday. One trader said there was an outflow of $300 million pertaining to a public sector undertaking.
In opening deals on Friday, the rupee will track the broad rise in the dollar after Fed officials once again adopted a hawkish tone.
A group of Fed officials reinforced the view that the central bank was nowhere near done with its rate increase cycle as it seeks to bring down inflation, and that rates are expected to go up further.
Treasury yields rose and the dollar advanced against a basket of its major peers, while US equities slipped overnight.
The two-year Treasury yield climbed to 4.27 per cent, less than 10 basis points away from recent highs.
Asian currencies were down 0.2 per cent to 0.5 per cent. The offshore Chinese yuan declined to 7.10 to the dollar.
The focus now shifts to the monthly US jobs data due later in the day. The data will help traders assesses how the labour market is holding up to the rate increases that the Fed has delivered so far and gauge the pace of future monetary policy tightening.
Meanwhile, the rupee was expected to trade near its record low against the dollar beyond this year, buffeted by rising oil prices and an aggressive Fed, a Reuters poll found.
Scores
Bournemouth 0-4 Liverpool
Arsenal 1-0 Huddersfield Town
Burnley 1-0 Brighton
Manchester United 4-1 Fulham
West Ham 3-2 Crystal Palace
Saturday fixtures:
Chelsea v Manchester City, 9.30pm (UAE)
Leicester City v Tottenham Hotspur, 11.45pm (UAE)
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If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
