Rupee drifts; RBI intervention dulls pinch from weak stocks, firm dollar
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The Indian rupee remained stable at 91.9450 per dollar, supported by central bank intervention amid a stronger dollar and declining local stocks. The currency is down 2.3% in January, facing pressure from reduced foreign capital inflows and increased dollar demand. Analysts suggest that a breakthrough in U.S.-India trade talks or improved foreign portfolio inflows could help the rupee recover. Meanwhile, India's equity indices fell, reflecting broader market trends, as foreign investors sold approximately $4 billion in local stocks this month.
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