India's central bank digital currency known as the digital rupee will start getting accepted as a retail payment by some of the biggest merchants in the nation including Reliance Retail, India's largest retail chain.
The Indian rupee rose against the U.S. currency on Wednesday, helped by likely dollar inflows and gains in most major Asian peers. The rupee last traded at 81.59 per U.S. dollar, compared with 81.72 in the previous session. It was a choppy session, with the local currency trading in a range of 81.50 to 81.76.
The Indian rupee weakened on Tuesday, slipping back towards the 82 per dollar mark, as the greenback broadly rebounded and Asian currencies weakened. The dollar purchases were suspected to be on the Reserve Bank of India's behalf, so the currency's near-term resistance is likely going to be 81.20-81.30, said a trader at a private bank. "Exporters are advised to increase their hedge on the break of 81.90 levels, while importers are advised to increase their hedges on the break of 81.60 levels," said Ritesh Bhansali, vice-president at Mecklai Financial Services.