RBI may continue to rein in rupee
The rupee is likely to appreciate a touch this week, but will remain in a range of 48.32-40 per dollar. The band will hold good provided no external event occurs. Currently, the rupee seems to be slightly listless and there is a dearth of triggers to move it around. The Reserve Bank of India (RBI) was seen protecting the 48.36 level for the whole of last week. It is likely to follow the same tactic and allow for only a gradual appreciation.
Players feel if the rupee is not allowed to breach this level then it could weaken to 48.40. Friday
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