The Indian rupee held at the 83.3 per USD level after rebounding from the record low of 83.7 on April 16th amid support from the RBI, eased concerns of geopolitical tensions, and softer energy prices. Traders noted a fresh bout of dollar selling by the RBI, aligned with the central bank’s typical reaction function to prevent excessive volatility in the rupee. Also, hopes that geopolitical tensions in the Middle East will refrain from escalating limited selling for emerging market currencies. Still, uncertainty remains over the extent of currency support that the RBI may maintain in the future, as recent upswings for the USD forced the PBoC to set weaker reference rates for the Chinese currency and triggered mass biding for the safe-haven dollar through Asia. Consequently, concerns that the RBI may loosen its support grip pressured the rupee, as its usual defense against a strong dollar would drive Indian goods and services to be less attractive against Asian rivals in global markets.
The USDINR increased 0.0510 or 0.06% to 83.3490 on Friday April 26 from 83.2980 in the previous trading session. Historically, the Indian Rupee reached an all time high of 83.88 in April of 2024. Indian Rupee - data, forecasts, historical chart - was last updated on April 26 of 2024.
The USDINR increased 0.0510 or 0.06% to 83.3490 on Friday April 26 from 83.2980 in the previous trading session. The Indian Rupee is expected to trade at 83.68 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 84.69 in 12 months time.