Rupee dithers, state-run banks intermittently blunt dollar bids
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The Indian rupee remained nearly flat at 89.8325 against the dollar in holiday-thinned trading, with routine corporate dollar demand and intermittent state-run bank interventions. The yuan was stronger, up 4% against the dollar and 9% against the rupee in 2025. Dollar-rupee forward premiums continued to slide. Other Asian currencies were range-bound, and the dollar index was near a two-month low. Markets in Australia, Hong Kong, and most of Europe were closed, with thin liquidity expected.
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