The ongoing US government shutdown and the debt ceiling concern are keeping the dollar under pressure. This has helped the rupee to break its 62-63 range. The Indian currency gained 1 per cent in the past week to close at 61.79 against the dollar on Tuesday.
The RBI, on Monday, reduced the marginal standing facility (MSF) rate by 50 basis points to 9 per cent to improve liquidity conditions. But , this move did not have any positive impact on the currency. In the absence of any data release from the US because of the shutdown, the currency market will take cues from India’s trade data release on Thursday, which will be followed by the industrial production data on Friday and the Wholesale Price Inflation data next Monday.
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