(Bloomberg) -- India’s rupee looks set to weaken after its rally in August pushed it to the top of the emerging Asian currency charts, according to technical indicators. The dollar-rupee’s relative strength index dropped to 22.8 last week, the lowest level in 11 months, well below the level of 30 that typically indicates an asset is set to change direction. It rose to 34.3 on Tuesday. When the reading slipped to 19.9 last September, the rupee declined about 0.6% over the following month.The rupe
(Bloomberg) -- The Indian rupee’s outsized gains over the last three sessions is spurring talk that the Reserve Bank of India may have loosened its grip over the currency. The rupee has rallied 1.6% in the previous three sessions to post its biggest gain for the period since March 2020. The exchange rate had been moving within a range of 74-75 per dollar in the past two months. It edged higher on Wednesday to its strongest level since June. The RBI has previously said its currency interventions
The Indian rupee rose to its strongest in two-and-a-half months on Monday, after the U.S. Federal Reserve chairman's comments sparked bets of a slower reduction in monetary stimulus. The dollar loitered around multi-week lows in the wake of Fed Chair Jerome Powell laying out a slower-than-expected path to rate hikes, as traders' focus shifted to U.S. jobs figures due on Friday for clues on a tapering timeline.