Indian rupee rebounds after RBI intervention
pre-market1 source ↓written by the desknot a recommendation
- from Indian stocks
- $23 billion
The Indian rupee has climbed back above ₹97 per USD following intervention by the Reserve Bank of India. The RBI reportedly sold small amounts of dollars to support the currency, which has lost over 7% this year, making it Asia's worst performer. This move comes amid rising oil prices and a widening trade deficit. 💼
The RBI faces increasing pressure to stabilize the rupee as global investors have withdrawn a record $23 billion from Indian stocks this year. The intervention may help restore some confidence in the currency market.
Not investment advice. For informational purposes only.