Overview
- The rupee closed at 88.62 to the US dollar on Wednesday, down 12 paise from Tuesday’s 88.50 finish.
- Traders pointed to persistent dollar strength and elevated crude prices as pressures, with sentiment helped by progress on ending the US shutdown and hopes for a US‑India trade deal.
- Intraday moves stayed tight between 88.56 and 88.66, and analysts expect consolidation around 88.40–88.80 in the near term.
- Bank of Baroda sees the rupee holding in an 88.5–89 band through month‑end and notes active RBI intervention to prevent fresh lows after a month‑long 87.83–88.70 range.
- Jefferies says the worst of the rupee’s slide has passed and projects roughly 90 per dollar over the next 12 months, as RBI data show forex reserves down $5.623 billion to $689.733 billion for the week ended Oct. 31.