Traders and analysts say USD/INR could stay rangebound through the Adani saga even as equities see heavy losses. About 81.40-81.90 range expected to hold in the near-term
Current stock market bearishness will not weaken INR beyond 82/USD as RBI could step in to ease volatility, says Jayram Krishnamurthy from Almus Risk Consulting. Negative fallout from India's budget remains a bigger risk, he adds, while traders also eye Fed.
Meanwhile, the Indian stocks were choppy as it lost around 2.8 per cent over past two sessions as Adani group of companies weigh after a short-seller report.