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Indian Rupee: Likely to track negative cues from equities
07-Mar-2025 08:59

The Indian rupee is expected to take cues from negative equities and commence the day lower despite weakness in greenback overseas. Yesterday, rupee snapped its three-day rally and settled with a loss of 6 paise at 87.12 against the US dollar amid uncertainty over trade tariffs and persistent foreign fund outflows. The depreciation in the Indian rupee was influenced by several factors, including the weakening of regional currencies, selling pressure from foreign investors, and a recovery in global commodity prices, all of which put downward pressure on the local currency. While a positive equity market, weakness of the American currency in the overseas market and easing crude oil prices contained the losses for the local unit.

Meanwhile, continuing measures to inject liquidity into the banking system, the Reserve Bank on Wednesday said it will conduct open market purchases of government securities and undertake USD/INR swaps. On a review of current and evolving liquidity conditions, the Reserve Bank on Wednesday said it will conduct the OMO purchase auctions of Government of India securities for an aggregate amount of ₹1,00,000 crore in two tranches of ₹50,000 crore each to be held on March 12, 2025 (Wednesday), and March 18, 2025 (Tuesday). Also, RBI said it will undertake USD/INR Buy/Sell Swap auction of USD 10 billion for a tenor of thirty-six months to be held on March 24, 2025 (Monday).

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