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The Indian rupee was steady against the US dollar on Friday, with USD/INR trading in the 84.00-84.10 range. The rupee faces continued foreign capital outflows from Indian equities markets, but potential market intervention from the Reserve Bank of India (RBI) could help mitigate further losses.
The Indian rupee faced downward pressure as foreign institutional investors (FIIs) were net sellers of Indian stocks for the 19th consecutive trading day on Thursday, redirecting funds to China in response to stimulus measures and more attractive valuations. India’s Nifty 50 and BSE Sensex both fell this week, marking their fourth consecutive weekly loss.
The dollar gained support as market expectations grew that the Federal Reserve would take a less aggressive stance on interest rate cuts than previously expected. In addition, rising speculation that former President Trump may be re-elected in the upcoming U.S. presidential election in November, especially given inflationary policies such as higher tariffs and lower tax rates, is also boosting the dollar.
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