Indian Rupee Update: "Yesterday s move was surprising and does lend a bit of upward bias (to USD/INR)," an FX trader said. "However, we have seen several times in recent past that momentum means little when you have Reserve Bank of India (RBI) around."
Indian Rupee: Asian currencies were mostly down between 0.1% and 0.3%. The dollar index slipped 0.3% to 105.6, after the Japanese yen recovered from a 34-year low hit earlier on Monday, with traders citing yen-buying intervention by Japanese authorities to support the currency.
Indian Rupee: Currently, India is the fastest growing major developing economy in the world. Very soon it is expected to be the third largest economy. Global sentiments are bullish on the Indian economy.
Indian Rupee Update: At the interbank foreign exchange market, the local unit opened at 83.11 and finally settled at 83.16 (provisional) against the dollar, down by 9 paise from its previous close.