Indian rupee to rise modestly against dollar in next three months: Reuters poll
© Reuters. FILE PHOTO: A currency trader is pictured through the symbol for the Indian Rupee on the floor of a trading firm in Mumbai May 31, 2013. REUTERS/Vivek Prakash/File PhotoBENGALURU - The Indian rupee will strengthen only marginally against the U.S. dollar over the coming three months as the Reserve Bank of India uses its foreign exchange reserves to manage volatility and keep the currency relatively strong, a Reuters poll found.
"The RBI's two-way FX intervention to keep the rupee stable has capped volatility compared to USD/Asia. The RBI has been building up its foreign currency reserves, whenever possible, which are now at record high," noted Dhiraj Nim, a forex strategist at ANZ. That outlook has remained largely unchanged for several months and has been unaffected by the greenback's relative strength so far this year.
"The key risk to INR trajectory will be a further push back in the Fed's rate-cut cycle beyond June," said Aditi Gupta, an economist at Bank of Baroda.
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