Indian Rupee to Hold Steady on RBI Intervention
The Indian rupee is expected to trade near current weak levels over the coming months. Record foreign exchange reserves give the Reserve Bank of India room to intervene. Analysts forecast a bearish long term outlook amid foreign equity outflows.
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India's rupee will trade near current weak levels over coming months as the Reserve Bank of India deploys record FX reserves, a Reuters poll showed on Tuesday. The partially convertible currency is down over 5% against the United States dollar this year. The intervention capacity stems from June measures attracting foreign capital, pushing reserves above $729B by August 21.
