The Indian rupee's narrow trading range against the dollar over the last three weeks may set the stage for a big directional move and a jump in volatility, analysts said.
The rupee has been tethered to a 82.40 to 82.94 range since Dec. 12, thanks to suspected intervention by the Reserve Bank of India and persistent demand for dollars.Volatility - Anushka
He pointed to an instance in the recent past when a narrow trading range was followed by a major slide for the rupee. At the time, the RBI was suspected of selling dollars to prevent the rupee from falling below 80. The current scenario is similar, with traders saying RBI has been defending the 82.90-83.00 level. The rupee has repeatedly found support just under the 83 level over the last three weeks.
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