Rupee Set for Stronger Open on IPO Inflows
The Indian rupee is expected to open firmer on Friday, supported by falling oil prices and anticipated foreign inflows from a major public offering. Despite this relief, the currency remains on track for a weekly decline as persistent importer dollar demand caps recovery.
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The Indian rupee is set to open in a 95.75 to 95.80 per dollar range on Friday morning, supported by a retreat in oil prices and expected foreign inflows tied to a $2.3B IPO. The currency settled at 95.93 in the previous session but remains on track for a weekly decline. Local import demand for dollars continues to cap potential gains.
