Rupee weakens ahead of RBI policy meeting on Friday
The rupee weakened to 95.7550 per dollar as a central bank relief rally faded. Bankers warn of pressure without RBI measures to boost inflows on Friday.
The India rupee fell to 95.7550 per USD midday Thursday, extending a two-session decline as importer hedging offset recent central bank support. The currency recovered from a record low of 96.96 in mid-May following Reserve Bank of India market interventions. Investors now await the central bank's policy decision on Friday to see if new measures will sustain this recovery.
Importer demand for dollars and weakness in regional Asian currencies drove the rupee down from its Wednesday close of 95.7050. The currency traded in a narrow range throughout the morning and midday sessions on Thursday.
