Indian rupee opened today at 83.506 against the US dollar, little changed from the previous closing of 83.50. The rupee opened at 22.68 against the dirham, slightly changed from the previous closing of 22.65.
Foreign investors took out more than $2 billion from Indian equities last week. Despite foreign outflows, the rupee’s volatility remained low. This could be due to intervention by the Reserve Bank of India (RBI).
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“It would seem that RBI is yet not ready for a move up (for USD/INR) from here,” a FX trader at a bank told Reuters.
Beginning the week, other major Asian currencies were down between 0.1% to 0.6% that is likely to be key to when the Federal Reserve cuts rates. The U.S. consumer inflation data is due on Wednesday, with economists expecting a 0.3% month-on-month rise in the core measure.
Inputs from Reuters