MUMBAI: The movement in the dollar and progress in the US‑India trade negotiations will determine the Indian rupee’s direction in November, a report said on Wednesday, adding that rupee will trade in the range of 88.5–89 per dollar till month end.
The outlook, however, hinges on the US dollar's trajectory and US macro data on inflation and the labour market, which will influence the Federal Reserve’s rate decision in December, the report from Bank of Baroda (BoB) said.
Any positive development on the US-India trade deal is likely to lift investor sentiments, the bank said, adding that concerns about higher US tariffs’ impact on the domestic economy are weighing on foreign portfolio investor (FPI) flows.