The USD-INR pair touched the 68.46 level this week, which was like a breath of fresh air for the markets. The discourse has changed from gloom, doom and 80, to tea-leaf reading, outperformance predictions and all-round optimism.
The RBI has remained a net purchaser of the dollar for the second consecutive month in January, having bought $293 million on a net basis from the spot market, according to the latest data.In the repo.
The Indian rupee is set to underperform against the dollar again this year, weighed down by uncertainty ahead of a national election in May, but is unlikely to retest life-time lows, a Reuters poll showed.
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