Rupee vs dollar: RBI intervention helps Indian currency to recover from record low
A likely intervention by RBI along with expectations of some short-term measures in the upcoming monetary policy to curb currency fluctuations aided the Indian rupee to recover on Thursday.
"The rupee remains under pressure due to tightening of the monetary policy by the Federal Reserve. Crude oil is spoiling India's macroeconomics fundamentals. RBI repo rate hike by 25 bps is already discounted," said Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers.
"RBI needs to announce additional measures to stabilise the rupee. If the WTI move towards 80-85 levels then rupee might weaken further to 75-76 levels." Maru added further. In terms of foreign funds flow direction, provisional data with exchanges showed that foreign institutional investors sold stocks worth Rs 2,760.63 crore.
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