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Flight to safety, rising oil put Indian rupee’s recovery to the test
MUMBAI: The Indian rupee’s recent recovery is likely to face headwinds on Friday from a flight to safety that’s weighing on risk-sensitive currencies and rising oil prices which threaten to spur increased hedging by importers. The Indian rupee is expected to open at 94.84-94.88 per dollar, according to traders, after settling at 94.8175 on Thursday. It had climbed to a more than six-week high near 94.30 in the previous session before reversing course. Bankers were surprised by both the speed of the reversal and its divergence from the broader trend. The move adds another layer of uncerta...
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