New Delhi, Aug 7 A strong US dollar as well as domestic inflationary concerns are expected to weaken the Indian rupee during the upcoming weekly trade.
Besides, Reserve Bank's dollar buying spree is expected to support this trend.
"Rupee is expected to weaken on the back of a strong US dollar and rising inflation concerns," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.
"It is expected to trade between 74.05 to 74.60 with an upward bias."
Last week, the rupee strengthened to 74.16 per USD due to four bumper IPOs hitting India's stock markets.
Furthermore, RBI's reserves swelled to more than $620 billion rising by $9 billion.
"We feel the Indian rupee is likely to digest its recent gains next week against US Dollar as recent economic data coming out of the US is quite strong," said Devarsh Vakil, Deputy Head Retail Research, HDFC Securities.
"We expect the rupee to trade between 74 to 74.5 range."
Besides, the Central Statistics Office
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor