The Indian rupee concludes with little change.
On Monday, the Indian rupee maintained a relatively stable value, aided by anticipated sales of US dollars by the Reserve Bank of India (RBI). The Indian rupee concludes with little change. In contrast, premiums on rupee forwards declined in response to an increase in US bond yields.
The rupee closed the day at 83.3925 per dollar, exhibiting minimal movement compared to its previous session’s close of 83.3850. The unit fluctuated between 83.3750 and 83.3925 for the duration of the session.
According to a private bank foreign exchange trader, the central bank supplied dollars intermittently for most of the session.
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“The market is rangebound… with the RBI and all the (dollar) buyers on opposite sides,” said Anil Bhansali, director of treasury at Finrex Treasury Advisors. As Asian currencies declined, the dollar index rose to 104, with the Korean won heading losses by approximately 0.8%. In the interim, premiums on rupee forwards decreased, with the implied one-year yield declining to 1.60%. This was due to increased US Treasury yields and reduced wagers that the Federal Reserve could begin easing rates as early as March of next year.
