The Indian rupee has seemingly found a stable position around 82 per USD. The central bank, which allowed a steep drop in the nominal-weighted currency last year, now seems to have established a stable point around current levels, aligning with the REER that positions the rupee in a “Goldilocks” scenario. The bank’s reserves have grown from about USD 525 bln in October to USD 596 bln, suggesting the currency has been guided into its current range. With inflation rising to 4.8% in June from 4.3% a month earlier, the bank may be on alert for potential risks to price increases in the coming months.