MUMBAI, Jan 23(Reuters) – The Indian rupee may see
choppy price action in holiday-truncated week, taking cues from
moves in the dollar index, while bond yields will track moves in
U.S. Treasury yields.
India’s foreign exchange, bond and money markets were
shut on Monday as the Maharashtra state government had declared
a public holiday. Indian markets will be closed on Friday for
Republic Day.
The rupee rose on Friday to 83.0650 against the greenback,
but notched a weekly decline of 0.17%. Traders expect the
currency to hover between 82.90 and 83.30 this week.
While the rupee’s bias is towards appreciation, unless it
falls below 82.90-83 levels, the back and forth price moves are
likely to continue, a foreign exchange trader at state-run bank
said.
The rupee rose to an over four-month high of 82.77 last
Monday but trimmed gains through the week on equity-related
outflows and a…
