Indian rupee set to post best weekly performance in two years on US dollar inflows
5 days, 4 hours ago

Indian rupee set to post best weekly performance in two years on US dollar inflows

Live Mint  

The Indian rupee inched up on Friday, maintaining its weekly upward trend, with dollar inflows helping mitigate the impact of the decline in Asian peers. The local currency is on course for its best weekly performance in two years on the back of inflows via foreign banks and amid traders unwinding speculative long-dollar positions. It was likely that the inflow is related to the possible dollar funds raised in the lead to the Reserve Bank of India's next week FX swap, he said, adding that the rupee will face "stiff resistance" at the current level and "may not able to take it out". On Friday, bankers mentioned equity inflow related to the rebalancing of the FTSE's All-World Index is likely to have boosted the rupee in the face of weak Asian cues.

History of this topic

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