The Indian rupee had a nearly stable day against the US dollar, closing at 82.7225, but marked its worst monthly performance, with a 1% fall in May 2023. The dollar’s strength caused the drop, but inflows from MSCI Index rebalancing into equities helped offset the weakening rupee. The rupee’s technical support level is familiar and has held steady before, adding to some stability. Investors are watching the US House of Representatives’ debt ceiling legislation debate, as well as Friday’s US jobs data and India’s GDP data due later on Wednesday.
