Rupee edges higher on soft dollar, traders eye inflows
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MUMBAI : The Indian rupee strengthened against the U.S. currency on Wednesday, as the dollar remained muted and Treasury yields declined.
The rupee was trading at 81.5350 per dollar by 10:13 a.m. IST, compared with its previous close of 81.72.
The currency weakened around 0.7 per cent in the first two days of the week. Traders pointed to the Reserve Bank of India likely buying dollars on Monday when the rupee scaled a high of 80.88.
"A tussle between buyers and sellers is likely to continue" as inflows into the market could keep the rupee strong, but RBI's intervention on the other side could limit gains, said Amit Pabari, managing director at CR Forex.
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