Strong US dollar to continue to weigh on rupee: DBS
"A challenging global environment has compelled the Reserve Bank of India (RBI) to intervene aggressively this year to contain INR depreciation. Foreign reserves have declined from a record high of USD 426 billion in April to USD 403 billion in early August," said the bank in its daily market report.
The strong US dollar is expected to further weigh on the Indian rupee, which hit a low past the 70-mark against the greenback in recent foreign exchange movements, according to Singapore's DBS Bank Group today. Image source: Reuters