Market News
Rupee recovery fizzles with US tariff woes fuelling persistent dollar buying - REUTERS
MUMBAI, Aug 28 (Reuters) - The Indian rupee's opening recovery on Thursday quickly faded, with importers stepping up hedges on conviction that the steep U.S. tariffs leave little room for upside.
The rupee rose to 87.5250 before drifting weaker on what bankers said was broad-based dollar demand. It was last at 87.6575, nearly unchanged from Tuesday. Indian markets were shut on Wednesday for a local holiday.
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"Importers are active, and fair enough - they and we are convinced the rupee isn't moving higher from here," said an FX sales dealer at a foreign bank.
