Indian rupee to hold slight positive bias amid global cues
The Indian rupee is expected to maintain a slightly positive bias this week, drawing guidance from the Federal Reserve’s policy decision, US-India trade deal progress, and cross-border tensions, along with government bonds.
The rupee ended the week at 84.58 on Friday, marking a one per cent increase from the previous week due to portfolio inflows and the strengthening of its regional counterparts.
The Reserve Bank of India “may continue to step in on dips below 84 (on USD/INR),” to shore up its foreign exchange reserves, one of the traders said. India’s forex reserves surged for the eighth consecutive week to a more than six-month high of $688 billion, as of April 25.
Attribution: Reuters
Subediting: Y.Yasser
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