Rupee expected to decline after RBI intervention
after close1 source ↓written by the desknot a recommendation
- range
- 89.50-89.60
- on Friday
- 1% rally
- closing
- 89.27
- to near
- 90.10-90.20
- to near
- 89.30
The Indian rupee is set to open weaker on Monday, projected in the 89.50-89.60 range against the U.S. dollar after a 1% rally on Friday, closing at 89.27. This rally was driven by aggressive dollar sales from the Reserve Bank of India, aimed at speculators, which pushed the rupee down from 90.10-90.20 to near 89.30. Traders are now reassessing the RBI's commitment to further interventions.
Not investment advice. For informational purposes only.