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Indian rupee extends rally, putting RBI's dollar-buying threshold in focus
MUMBAI: The Indian rupee extended its rally on Monday, hitting a six-month high and putting potential dollar purchases by the Reserve Bank of India in focus, with traders weighing the central bank’s need to replenish forex reserves and manage sizeable short-dollar forward positions. The Indian rupee touched an intraday high of 93.70 per dollar, extending last week’s rally of more than 1%. The currency has appreciated nearly 3.25% in about a month after approaching an all-time low. Emkay Global’s Madhavi Arora expects the RBI to use any sustained improvement in dollar inflows to rebuild i...
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