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Thursday, July 25, 2024

StanChart expects no rupee breach past 84, even with a dollar rally

India’s rupee is unlikely to dip below 84 per dollar, even if the U.S. dollar strengthens further, thanks to the Reserve Bank of India’s commitment to defending the currency, says Standard Chartered (StanChart).

Parul Mittal Sinha, the head of India financial markets at StanChart, emphasized the central bank’s efforts in curbing rupee depreciation and containing volatility.

Despite a 0.4% decline against the dollar this year, the rupee remains one of the top-performing currencies in emerging Asia. India’s foreign exchange reserves currently stand at approximately $593 billion, down from around $609 billion in July.

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