Currencies
A New Red Line for India’s Rupee Is Forming as Pressure Mounts
- Continuous USD supply around 84 hints RBI’s presence: Nuvama
- RBI to step-up intervention if rupee touches 84: Danske
The rupee fell to a new all-time low of 83.9875 per dollar on Thursday, and is down 0.7% this quarter.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India’s central bank looks to have drawn a new line in the sand for the rupee at the 84-per-dollar level, according to analysts.
The Indian currency tested a series of record lows in recent days but stopped short of crossing that key level on likely intervention by the Reserve Bank of India, according to ANZ Banking Group Ltd. and Nuvama Institutional.