This was the second consecutive day the rupee appreciated past the 85 levels, but could not sustain there due to likely intervention by the Reserve Bank of India. RBI also likely intervened around the weaker 85.38/$1 levels by selling dollars, traders said.
Dollar slides on easing trade tensions, Fed expectations
The dollar weakened due to Trump’s potential shift in tariff talks and expectations of Federal Reserve rate cuts. The euro reached a seven-week high. Sterling