The Indian rupee dropped on Monday and was poised to record a monthly decline on the back of a central bank that seemingly does not want the currency to appreciate much.
The rupee was at 82.2625 to the dollar by 11:02 IST, down from 82.2475 on Friday. The local currency is down 0.3% in July.
The RBI's determination offset the foreign equity inflows of more than $5.5 billion and a weaker dollar index. The dollar index was down 1% in July amid expectations that the U.S. Federal Reserve rate cycle is over. Softer U.S. inflation readings have prompted investors to bet that this month's Fed rate hike will be the last.
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