MUMBAI: The Indian rupee could find some relief on Thursday as most of its Asian peers ticked higher and with the currency near levels at which the central bank had intervened aggressively.
The 1-month non-deliverable forward indicated that the rupee will open flat-to-slightly higher from its close of 85.6450 per US dollar in the previous session.
The offshore Chinese yuan inched up 0.2%, while the Korean won, the Thai baht and the Philippine peso strengthened by 0.4%.
Indian rupee dips on importer dollar bids, far forward premiums retreat
“The way it has been (for the rupee, I am) not sure how much of Asia doing well means. However, any help right now will do,” a currency trader at a bank said.
“I am watching the level of 85.80”, he said, adding that a quick move past that level would be another sign of the extent of the strain on the currency.
Last Friday, when the rupee dropped to an all-time low of 85.80-85.81, the Reserve Bank of India intervened quite aggressively.
Comments