A cocktail of factors such as the country’s macro-economic factors, intervention by the central bank and global dollar trades are said to have contributed to the rupee’s relatively calm 30-day period.
India is seen to be in a much better position than earlier, while the RBI has been shoring up its forex reserves through dollar purchases. Although the dollar is losing steam against other major currencies, there is no reversal of dollar trades.
Moreover, speculators have completely gone off the rupee-dollar market and have turned to the other emerging markets of Turkey, South Africa, Indonesia and Russia for their trading bets. This has helped scuttle any wild swings in the domestic currency market. ET takes a look:
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