Rupee flips back to monthly decline, lags Asian peers
MUMBAI (Reuters) -The Indian rupee declined by about 1% in May, reversing course after gaining in the previous two months, influenced by factors such as continued uncertainty over U.S. trade policies, gains in its Asian peers and a conflict between India and Pakistan. Initially, a military conflict between India and Pakistan hurt the currency but it rebounded once a ceasefire was reached. Dollar-buying intervention by Reserve Bank of India also put a lid on the sharp appreciation above the 84.60-84.80 zone, according to one of the traders.