Rupee jumps, hedging costs slide as dollar keeps taking punches

Jaspreet Kalra - Reuters - 21/04
The Indian rupee and other Asian currencies strengthened on Monday as the dollar remained under pressure, with the latest drag coming from U.S. President Trump's criticism of Federal Reserve Chair Jerome Powell, fuelling concerns over central bank independence.
MUMBAI, April 21 (Reuters) - The Indian rupee and other Asian currencies strengthened on Monday as the dollar remained under pressure, with the latest drag coming from U.S. President Trump's criticism of Federal Reserve Chair Jerome Powell, fuelling concerns over central bank independence.
The rupee touched a peak of 85.0525 in early trading before paring gains to last quote at 85.1125, up 0.3% on the day.

Sign up here.

Bids from two state-run banks slowed the rupee's gains on the day, prompting speculation that the Reserve Bank of India (RBI) was stepping in to absorb inflows.
While two traders said that the RBI could be active, one said the dollar-buying could also be on behalf of importer clients.
More broadly, persistent dollar weakness has made investors slightly more po...
[Short citation of 8% of the original article]