Overview
- The rupee ended Friday near 90.78–90.86 to the US dollar after a 44–63 paise fall on the day, hovering close to December’s record levels.
- Persistent foreign institutional investor equity outflows and a firmer greenback following recent US inflation and activity data added pressure.
- Traders cited nearly $3 billion in maturing non-deliverable forwards that intensified dollar buying and deepened the intraday slide.
- State-run banks were reported to have sold dollars on behalf of the RBI to limit losses, with softer crude prices and rising equities offering additional support.
- Analysts see a negative bias for the rupee with downside risk toward the 91 level if outflows, NDF-driven demand and a strong dollar continue.