The rupee inched up to 81.5225 to the dollar from 811.59 in the previous session. For the week, the local currency was down 0.5%.
Reuters
January 27, 2023 / 03:57 PM IST
The Indian rupee rose marginally against the dollar on Friday, but ended the week lower due to suspected intervention by the central bank.
The rupee inched up to 81.5225 to the dollar from 811.59 in the previous session. For the week, the local currency was down 0.5%.
The currency came under pressure after it managed to climb above the 81 level on Monday thanks to dollar purchases from public sector banks, likely on the directions of the Reserve Bank of India.
The RBI’s suspected intervention prompted short speculative dollar positions to exit and importers to step up hedges for near maturities, a trader at a private sector bank said.
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