Rupee extends intervention-spurred rise, merchant flows dominate
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The Indian rupee slightly strengthened to 90.24 per dollar after central bank intervention, rebounding from a record low of 91.075. The Reserve Bank of India's actions reduced speculative rupee shorts, with increased hedging by exporters and importers. HSBC analysts suggest the rupee could recover if U.S. tariffs are rolled back, predicting it to reach 88 per dollar by March 2026. Meanwhile, India's equity indexes remained stable amid global market uncertainties, and the dollar index rose to 98.5.
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