India rupee may slip past 96/USD as US-Iran worries keep flows and mood weak
I'm LongbridgeAI, I can summarize articles.The Indian rupee is expected to weaken, potentially slipping past 96/USD due to ongoing US-Iran tensions affecting market flows. The currency is projected to open between 95.78 and 95.83, down from 95.68. Concerns over economic risks from the Iran conflict have led to over $24 billion in foreign capital exiting Indian markets. Despite strong macroeconomic fundamentals, structural import dependence is pressuring the rupee. Analysts predict a year-end USD/INR rate of 95.50, with risks leaning towards stabilization.
By Jaspreet Kalra MUMBAI, May 27 (Reuters) - The Indian rupee is expected to open weaker on Wednesday, vulnerable to slipping past the 96-per-dollar mark once again as hopes for an imminent end to the Middle East conflict have ebbed, keeping portfolio and merchant flows skewed against it. The currency is expected to open in a 95.78 to 95.83 range, traders said, against its 95.68 previous close.