The Indian rupee broke the key threshold of 50 to the US dollar for the first time in 10 weeks tracking gains in the euro. The rupee made an intraday high of 49.98 to the dollar before slipping marginally. It traded at 50.05 against the US currency at 1040 hours.
The risk of the rupee falling beyond 54 to the dollar is no longer… If the RBI reverses its monetary policy stance, that will put investors on risk-on mode and you will see further FII participation leading to gains for the rupee,” he added.
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