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Lower Fed hike odds, oil dip lend RBI hand in supporting Indian rupee
MUMBAI: The Indian rupee faces a less challenging backdrop on Wednesday, after a fall in US rate-hike expectations and slightly softer oil tempered pressure on a currency that has needed regular central bank support. The Indian rupee is expected to open at 95.94-95.99 per dollar, according to traders after closing Tuesday at 95.98. It fell to a two-month low of 96.1475 before recovering amid likely Reserve Bank of India intervention. Over the past few weeks, the rupee has repeatedly needed RBI intervention to moderate its decline, with high oil prices, rising US Treasury yields, weak por...
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