According to Reuters, the rupee would have fallen to a new all-time low if the Reserve Bank of India hadn’t supported it by selling US dollars before the local spot market began on Friday.
At 9:06 a.m. IST, the rupee was trading at 86.5675 to the dollar, somewhat weaker than it had been the day before.
Before the local spot market started at 9:00 a.m., the currency had dropped to 86.64 on the interbank order matching system. That came just short of its all-time low of 86.6475.
A currency broker at a private bank stated to Reuters that we would be at least at 86.70 if it weren’t for the central bank “ensuring a soft opening.”
A Federal Reserve official’s comments suggesting the central bank may drop rates more this year than anticipated in December, which caused a further decline in U.S. Treasury yields, are likely to help the Indian rupee on Friday.
The rupee may open unchanged to slightly higher than its closing of 86.55 per US dollar in the previous session, according to the 1-month non-deliverable forward.
The majority of Asian currencies saw increases, with the Chinese yuan slightly rising as the nation’s economic growth exceeded projections.
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