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Indian rupee slips on-week, traders reckon 'line in sand' near 96/USD will hold
MUMBAI: The Indian rupee logged a weekly decline on Friday, hurt by expectations of higher global interest rates, while traders kept an eye on oil prices and said that central bank intervention would limit the currency’s downside around 96 per dollar. The Indian rupee ended at 95.8750 per dollar, up modestly on the day but logged a 0.3% week-on-week fall. The US Federal Reserve and the Bank of Japan raised interest rates this week, joining other central banks in hiking rates as the Iran war fans inflationary risks. Higher benchmark borrowing costs are negative for risk assets including emergin...
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