Rupee spins wheels in thin band, shorts await fresh entry points

The Indian rupee traded in a narrow range on Thursday, supported by central bank actions. Global factors showed limited impact as the Reserve Bank of India maintained currency stability. Speculative positioning remains cautious, with a lean towards further rupee depreciation. Elevated oil prices pose a significant macroeconomic risk for India's energy imports. Analysts anticipate potential rate hikes if inflation breaches the central bank's tolerance band.