RBI to keep rupee in narrow trading range: Reuters poll
BENGALURU - The Indian rupee will be confined to a narrow trading range against the U.S. dollar over the coming year as the Reserve Bank of India continues to intervene in the market to shield the currency from volatility, a Reuters poll of FX analysts showed.
The Indian currency was expected to strengthen from Wednesday's rate of 83.96 to the dollar to 83.75 by the end of November and 83.60 in six months and remain there in a year, the Aug. 2-4 Reuters poll of 45 foreign exchange analysts found. Analysts said the RBI's intervention was aimed at returning the partially convertible currency to its fair value as it was currently overvalued by at least 7%.
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