Rupee little changed against US dollar

Indian rupee showed minimal movement on Thursday, as ongoing demand for U.S. dollar from domestic oil companies and importers counteracted positive impact of inflows related to initial public offerings (IPOs) and a decline in oil prices.

As of 10:50 a.m., rupee stood at 83.33 against U.S. dollar, maintaining a marginal difference from its previous close at 83.32.

Across Asian currencies, re was a mixed trend, with Thai baht and Indonesian rupiah weakening, while offshore Chinese yuan saw a 0.2% rise to 7.1491.

According to a foreign exchange salesperson at a private bank, consistent buying by oil companies at various levels, coupled with sustained demand from importers, influenced forex market.

dollar index experienced a dip in Asia, registering 103.72. However, it showed a slight recovery after Wednesday's release of initial jobless claims data, which revealed a greater-than-expected drop to 209,000 claims for week ending v. 18. Ecomists polled by Reuters h anticipated 226,000 claims for same period.

Brent crude oil futures decreased to $80.98, following decision by Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, to postpone discussions on oil output cuts.

Expecting a subdued session on Thursday due to diminished dollar liquidity amid Thanksgiving holiday in United States, Gaurang Somaiya, an FX and rates researcher at Motilal Oswal Financial Services, suggested a potential appreciation for rupee into next week. This optimism is based on anticipation of IPO inflows providing support to rupee, particularly given current softness in dollar.

This week, IPOs totaling approximately $900 million are scheduled in domestic market.