INDIA OVERVIEW
The rupee opened amlost at its closing level as anticipation of foreign fund inflows, hope of more stimulus measures the world over, and optimism over a global recovery, dealers said. But traders remain wary of the Reserve Bank of India's dollar buying-interventions around 75.25 per dollar to curb sharp appreciation in INR. Market player are of the view that the spot market will take cues from rates in the offshore non-deliverable forwards market, given domestic banks are now allowed to trade in the in the offshore market. From Monday the RBI allowed banks with International Financial Services Centre, or IFSC, banking units to venture into the offshore non-deliverable forward derivatives market.On Wednesday, Indian banks were said to have placed bets against the Indian currency in the offshore non-deliverable forwards market owing to concerns about weak growth and the Centre's strained finances.Meanwhile, foreign investments into Indian companies through stake purchases and qualified institutional placement of shares have hit the currency market lately, and are expected to keep supporting the Indian currency. A part of dollar inflows for investment into Reliance Industries' subsidiary Jio Platforms Ltd by foreign investors is expected to hit the currency market this week.