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The country's expected policy shift could trigger steep currency fall
Tue, Jan 14, 2025 | Rajab 14, 1446 | DXB
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Gold & Forex Rates
Just before forex markets shut on Monday, data released by India's commerce ministry showed that the country's trade deficit widened to record levels
The central bank's policy decision will be also be key for dollar-rupee forward premiums, traders said
The rupee fell by 0.25 per cent on Monday in the wake of India's disappointing GDP data
The dollar index was lower by 0.2 per cent at 105.8 while most Asian currencies rose
The currency was at Dh23.02 as of 10.40 am IST
Likely intervention by the Reserve Bank of India helped the currency limit its losses, with traders citing strong dollar offers from state-run banks
The dollar has surged since Donald Trump's victory in the US presidential election, hurting emerging market assets