The INR slipped to a fresh record low of 83.4775 against the USD on Friday. Economists at Société Générale analyze USD/INR outlook.
RBI likely to manage INR depreciation
The RBI is pursuing an explanation from Financial Technologies Group Ltd. and data provider LSEG about an outage in the spot FX market.
The RBI is likely to manage INR depreciation as Diwali festival leads to a decline in FX trading activity.
Investors brace for further selling towards 84.00 if the pre-Diwali bounce in equities unravels.