Indian rupee to hold near 95.50; RBI blunts flow-driven pressure before Warsh speech
MUMBAI: The Indian rupee is likely to open little changed on Friday , with the tug-of-war between steady importer dollar demand and persistent central bank support expected to keep the currency anchored near 95.50 per US dollar ahead of the Federal Reserve chief’s closely watched speech. The Indian rupee is expected to open in the 95.50-95.55 range, according to traders, having settled at 95.54…
The Indian rupee is poised to remain near 95.50 against the US dollar on Friday, as the tug-of-war between import demand for dollars and support from the Reserve Bank of India (RBI) is expected to keep the currency stable, according to traders. The rupee opened at 95.54 per dollar on Thursday and has traded between 95.40 and 95.75 this week.
Traders say the currency has "found a temporary equilibrium" and is likely to remain within a broader 95.00-96.00 band. The Reserve Bank of India's likely continued intervention will make it difficult for the rupee to move beyond 96.00, while moves towards 95.00 may attract fresh hedging demand from importers. Market participants are eagerly awaiting Fed Chair Kevin Warsh's speech in Jackson Hole, Wyoming, for insights into how he plans to tackle monetary policy and inflation.
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