Dilip Parmar – Senior Research Analyst, HDFC Securities, said, “The Indian rupee staged a stellar two-day comeback to close at its strongest level since August 5, successfully overcoming an early dip triggered by a Friday’s surge in the dollar index following hawkish remarks from Fed Chair Warsh at Jackson Hole symposium. This resilient recovery was heavily anchored by timely, suspected intervention from the Reserve Bank of India alongside a surge in dollar flows linked to the MSCI rebalancing and the FCNR (B) schemes. From a technical perspective, spot USDINR continues to navigate a defined range, encountering immediate resistance at 95.50 and firm support at 94.90.”
