The Indian rupee closed nearly unchanged at 86.06 per dollar on Monday, despite initial weakness due to high crude oil prices and geopolitical tensions between Israel and Iran. A softer dollar index and likely RBI intervention limited the rupee’s losses. Further weakening is expected due to ongoing geopolitical uncertainties, with traders closely monitoring developments in the India-US trade deal.
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This sharp change occurs as Indian markets now trade at an 82% premium to other emerging markets, well above the 10-year average of 63%. Additionally,