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Market Update: Indian Rupee Little Changed Ahead of RBI Meeting
India’s rupee traded at 72.9 per USD during the first week of June, after touching at the end of May its strongest level in two months. Investors remained cautious ahead of the Reserve Bank of India’s meeting on Friday, at which policymakers are expected to leave interest rates at record lows and reaffirm the central bank’s commitment to provide adequate liquidity to support economic growth. Last month, the rupee gained 2% against the greenback, supported by signs that India’s second wave of coronavirus infections is slowing, hopes of a global economic recovery and broad dollar weakness. [/s2If]
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