The Indian rupee, hovering around its lifetime low against the US dollar, showed signs of recovery, reaching approximately 83.30 against the dollar. Despite the recent weakness in the US dollar and lower US Treasury yields, the rupee remains in a narrow band.
The US dollar softened amid expectations that the Federal Reserve won't raise interest rates further. Analysts anticipate the rupee to stay range-bound, with most of the depreciation already factored in.
Foreign capital outflows and weak macroeconomic data have pressured the rupee, but IPO-related inflows may provide support amid a slew of upcoming offerings.