Rupee Expected to Open Lower as RBI Relief Rally Fades
The rupee is set to open lower near 96.30 as its relief rally fades. Weakness in Asian peers and hedging are expected to weigh on the currency today.
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India's rupee is expected to weaken toward 96.30 per USD at Friday's open, reversing a central-bank-led recovery. The currency rose 0.64% on Thursday after the Reserve Bank of India sold dollars aggressively to prevent a slide toward 97 for the first time. Regional currency weakness and importer hedging now threaten to erase these intervention gains.
