RBI Stabilizes Rupee Amid Strong Dollar Demand
The Reserve Bank of India (RBI) has taken measures to stabilize the Indian rupee against the pound sterling, which has been under pressure due to high oil prices and strong dollar demand. The RBI deployed forex swap facilities and attracted $73 billion in FCNR(B) inflows over 11 weeks, strengthening India's international reserves.
The pair GBP/INR is trading at ₹129.979 on subdued volatility after a modest decline for the session. It remains below its short- and medium-term moving averages but above its longer-term trend indicator.
Techincally, GBP/INR is expected to consolidate within a typical volatility band between ₹129.209 and ₹130.507 over the next 2-3 trading days. The probability of an upward move is limited at 26%, making further weakness more likely in the near term.