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Indian rupee to rise as offshore traders cut bearish bets, RBI clarifies hedging rules
MUMBAI: The Indian rupee is poised to rally despite weakness across Asian peers, with offshore traders cutting bets against the Asian currency and expectations of continued central bank dollar selling lending support. The Indian rupee is expected to open in the 94.75 to 94.80 range, per traders, having settled at 95.0550 to the dollar on Thursday. Other Asian currencies dipped and the dollar index inched higher. There has been “a fair amount” of unwinding of long USD/INR positions this week, a currency trader at a foreign bank said. That is supporting the rupee in the non-deliverable for...
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