Rupee to Hold Steady Amid Oil and Flow Focus
The Indian rupee is expected to remain stable this week while bond yields face pressure from rate hike bets. Central bank measures and foreign flows will guide currency trading.
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India's rupee held steady in holiday-truncated Monday trading, supported by central bank intervention while bond yields faced upward pressure from tightening liquidity and rate-hike bets. The currency posted its best weekly gain since March last week, rising 2% to close at 94.96 on Friday. The Reserve Bank of India rolled out direct dollar sales for state-run oil companies and made hedging costlier to defend the local unit.
