Market News
Rupee set to extend recovery on RBI-motivated dollar-long liquidation - REUTERS
By Nimesh Vora
MUMBAI, Dec 30 (Reuters) - The Indian rupee is poised to rise on Monday, building on the momentum from the previous session in which the central banks' interventions prompted the exit of speculative dollar-long positions.
The one-month non-deliverable forward indicated the rupee will open at 85.40-85.42 to the U.S. dollar, compared with its close of 85.5325 in the previous session.
The rupee catered to a lifetime low of 85.8075 on Friday, leading to heavy dollar sales by the Reserve Bank of India. On the back of what a trader said "was a very busy intervention", the speculative dollar-long positions booked profits.
