Risk of sizeable decline on Indian rupee on the rise, analysts say

By Nimesh Vora

MUMBAI (Reuters) – The rupee inched up against the U.S. dollar on Monday, but surging oil prices and the rally on the dollar index suggest the rising risk of a significant decline in the local currency, analysts said.

The rupee was last at 83.1450 to the U.S. dollar, compared with 83.1850 in the previous session. The Reserve Bank of India has regularly intervened to make sure that the rupee does not fall below the 83.29 record low.

“The RBI will be there to defend the rupee and…