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Indian rupee hits two-month low on outflows, investors await RBI outcome with hike priced in
MUMBAI: The Indian rupee declined to its weakest level in over two months on Tuesday, hit by outflows from local equities, while traders turned their focus to the Reserve Bank of India’s monetary policy decision on Wednesday where a hike is widely anticipated. Dollar sales from state-run banks, most likely on behalf of the RBI, helped limit the rupee’s fall. The Indian currency ended the session at 96.42, down 0.1% from its previous close. The central bank also likely conducted dollar-rupee sell/buy swaps to drain excess rupee liquidity from the banking system, traders said. It has been conduc...
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