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India rupee posts weekly fall despite rate hike amid adverse flows, weak sentiment
MUMBAI: The Indian rupee ended flat on Friday but declined in a week in which the Reserve Bank of India delivered its first rate hike in nearly four years that did little to help the Asian currency bogged down by adverse hedging and investment flows. The Indian rupee closed at 96.73 per dollar, barely changed from its previous close, staying within striking distance of its all-time low of 96.96 hit in May. State-run banks’ dollar sales, most likely on behalf of the RBI, helped limit the fall, traders said. Frequent interventions by the central bank have limited rupee weakness amid elevated hed...
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