The Indian rupee was little changed to marginally higher around 88 per USD, hovering near a one-month high, as traders weighed the aftereffects of last week’s aggressive Reserve Bank of India interventions, which propelled the currency to its best weekly gain in nearly four months. The central bank’s surprise dollar sales sparked a recovery from record lows, though importer demand trimmed some of that momentum, keeping the rupee range-bound. Sentiment is further influenced by potential US-India trade developments, after President Trump said Prime Minister Modi assured him India would halt Russian crude imports, a pledge not confirmed by New Delhi. With forex markets closed on Tuesday and Wednesday for Diwali holidays, investors will closely monitor any trade headlines and the RBI’s interventions to gauge whether the central bank can sustain the currency’s recent rally. Analysts say a break beyond 88 could trigger fresh long-dollar positions, testing the central bank’s resolve.
