‘RBI intent is key to curb further rupee weakness’
The Hindu
‘Bearish bets at highest since last April’
The rupee’s near-term fortunes may directly be influenced by the Reserve Bank of India’s intent on preventing any further depreciation in the currency as the surge in COVID-19 cases hits jobs and growth, economists and traders said. The rupee has already lost 2.6% against the dollar so far this month, putting it on the cusp of marking its worst month since the pandemic hit the country early last year. “INR [Indian rupee] is likely to trade with a depreciating bias on the back of a stronger dollar, relatively weaker [emerging market or EM] currencies, muted EM inflows and rising COVID-19 cases in India,” said Sameer Narang, chief economist at Bank of Baroda.
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