Rupee faces resistance on dollar buying by state-run banks
Posted on AllSides September 16th, 2024
From The Center
MUMBAI, Sept 17 (Reuters) - The Indian rupee faced resistance on Tuesday following a rise driven by the U.S. dollar's struggles a day ahead of the Federal Reserve's highly anticipated interest rate decision. The rupee was at 83.84 to the U.S. dollar at 10:28 a.m. IST, compared with 83.8875 in the previous session. The dollar/rupee pair was running into bids from two large public sector banks, a currency trader said, adding that it was "difficult to know" if they were buying for the Reserve Bank of India or for their...