RBI intervenes in forex market to support rupee
after close1 source ↓written by the desknot a recommendation
- before steadying
- 90.9450
- mark amid holiday-thinned
- 91/$
The Reserve Bank of India intervened in the forex market, selling U.S. dollars to stabilize the Indian rupee, which tested 91 before steadying at 90.9450. This action aimed to prevent a significant break above the 91/$ mark amid holiday-thinned liquidity and a strong dollar backdrop. Traders noted a major public sector bank's buying interest, adding to the market dynamics.
Not investment advice. For informational purposes only.