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Indian rupee surprise Friday recovery faces test from weak peers, fragile risk
MUMBAI: The Indian rupee’s surprise flow-driven recovery on Friday may prove harder to sustain, with weakness across Asian currencies and a deteriorating risk mood weighing on sentiment, while a dip in oil prices may offer relief. The Indian rupee is expected to open largely flat at 94.94-94.98 to the US dollar on Monday, per traders. The local currency spent most of last week under pressure, falling to 95.28 on Friday before reversing course on heavy dollar selling by a large foreign bank, according to traders. It was a “surprise” recovery for the rupee and “very much, against the trend”...
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