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Indian rupee boxed in range; traders focus on oil, outflows and RBI's defence
MUMBAI: The Indian rupee seesawed in a narrow range against the dollar on Tuesday before ending little changed, while underlying sentiment remained weak. The Indian rupee ended at 95.1150 per dollar, up less than 0.1% from 95.1850 on Monday. Persistent external pressures from higher oil prices and equity outflows have left the currency reliant on Reserve Bank of India intervention for support, traders said. India should not “fixate on a number” for its currency level or run down foreign exchange reserves to defend the rupee, former Reserve Bank of India governor Raghuram Rajan, told Reuters on...
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