Rupee Set to Open Higher as Dollar Drops
The Indian rupee is expected to open higher after the US dollar slid to a three-month low following Treasury plans to boost bond buybacks. However, persistent oil price pressures are likely to limit the local currency recovery.
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The India rupee is set to open higher on Thursday after the United States dollar slid to a three-month low following a Treasury move to boost longer-dated bond buybacks. The local currency is expected to open in the 95.62–95.66 range, having settled at 95.7525 to the dollar on Wednesday. This rebound follows the dollar index falling 0.88% on Wednesday, marking its biggest daily decline since March.
