It will be important to watch if the central bank nudges the South Asian currency higher as a slight downward bias is likely to persist in the market, says expert
It will be important to watch if the central bank nudges the South Asian currency higher as a slight downward bias is likely to persist in the market, says expert
The South Asian currency was expected to face some pressure on the back of a decline in the offshore Chinese yuan
The Reserve Bank of India likely sold US dollars via state-run banks to prevent further depreciation in the rupee
Traders said it was weighed down by broad weakness in its Asian peers and aggressive local dollar demand
The currency had dropped to a two-month low on Wednesday due to dollar demand from importers, including local oil companies
The South Asian currency is set for a quiet session today, eyeing whether the US Federal Reserve will signal fewer rate cuts this year
Asian currencies were mostly down following an uptick in US Treasury yields after sticky inflation suggested that the Federal Reserve will wait longer to cut interest rates
The market is also buying, as current levels on the dollar-rupee pair are quite appealing for importers, says a foreign exchange trader