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Rupee Update: The rupee closed at 83.4250 against the U.S. dollar, mildly stronger from its close of 83.47 in the previous session. The local unit was little changed month-on-month.
Indian Rupee Update: "Yesterday's move was surprising and does lend a bit of upward bias (to USD/INR)," an FX trader said. "However, we have seen several times in recent past that momentum means little when you have Reserve Bank of India (RBI) around."
Rupee Update Today: Meanwhile, USD/INR forward premiums ended the week lower with the 1-year implied yield down 3 basis points week-on-week at 1.76%, pressured by a paring of bets on sharp and early rate cuts by the Federal Reserve.
Rupee Update Today: The unit had fallen to a two-week low of 83.1150 in intraday trades but speculators' dollar sales capped losses in the local unit, traders said.
Rupee Update Today: The rupee ended at 83.0025 against the U.S. dollar. The currency hovered between 82.9875 and 83.0250 during the day.