Mumbai: Investors are betting that India’s rupee will break out of its narrow range and rally this year, and are expressing that view via currency options.
Volumes in the dollar-rupee options market have surged in the first few trading days of 2024, and the direction of these trades shows market participants expect the rupee to rise, escaping the central bank-induced narrow range of last year.
The rupee, on Monday, climbed to 82.7800 to the U.S. dollar, its highest in more than four months. It has gained 0.4% so far in January, while other major Asian currencies have fallen 1% to 1.5%.
Source – Reuters
