Record NRI Deposits Boost Indian Rupee
India attracted massive foreign deposits exceeding expectations, bolstering central bank reserves. The inflows are expected to fuel a further rally for the rupee against the US dollar.
Xurve View
Insights:
Xurve View
India's currency is set to rise further after a $136.38B foreign mobilization topped forecasts, boosting central bank reserves. The rupee is expected to open in the 94.30 to 94.35 range against the United States dollar on Thursday. That follows a close of 94.97 on Wednesday, driven by stronger-than-expected non-resident inflows.
