RBI intervenes to stabilize rupee amid oil price surge
pre-market1 source ↓written by the desknot a recommendation
The Reserve Bank of India (RBI) intervened in the foreign exchange market to support the rupee, which was trading at ₹95.70 per USD. State-run banks sold US dollars on behalf of the central bank, helping stabilize the currency despite pressures from elevated crude oil prices and rising global bond yields. This move follows recent interventions across various currency markets to manage dollar demand.
• RBI intervention noted in spot and futures markets
• Traders observed state-run banks selling dollars
• Continued pressure from high oil prices and global yields
The RBI's actions may help maintain market stability in the face of external challenges.
Not investment advice. For informational purposes only.