Indian Rupee Slips Despite RBI Support
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The Indian rupee fell to approximately 90.6 per dollar, influenced by a risk-off sentiment and weakness in Asian currencies. Despite the Reserve Bank of India's unexpected intervention, the rupee only saw a slight increase. Initial gains from the central bank's dollar sales were countered as importers hedged and traders bought dollars. Market expectations suggest limited downside for the rupee, but selling pressure remains due to cautious sentiment, compounded by the yuan's strength against the rupee amid differing currency policies in India and China.
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