0634 GMT - USD/INR falls sharply after hitting a record high on Monday, raising market speculation for possible foreign-exchange intervention by India's central bank to prop up the rupee. USD/INR is at 86.88 after falling to 86.64 earlier, compared with 87.47 as of Monday 5 p.m. Eastern time. The pair rose to a record high of 87.99 on Monday. The Reserve Bank of India on Friday cut its policy rate for the first time in nearly five years to support the economy. Any signs of slower growth and cooler inflation may raise expectations for further rate cuts and the rupee's depreciation. Investors will be closely watching the country's inflation data due Wednesday. (kosaku.narioka@wsj.com; @kosakunarioka)
(END) Dow Jones Newswires
February 11, 2025 01:34 ET (06:34 GMT)
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