RBI likely stepped in to defend rupee, traders say
The rupee slipped in early trading to 95.49 per dollar, but its losses were capped by state-run banks' dollar sales
The Reserve Bank of India may have stepped in to support the Indian rupee on Monday, according to four traders speaking to Reuters. The intervention came amid global uncertainty over the West Asia conflict, which continued to push oil prices higher and created market jitters. The Indian currency opened the trading session at 95.49 per dollar, but its decline was curbed by dollar sales by state-run banks, most likely acting on behalf of the RBI, the traders suggested.
The central bank has been actively intervening in the foreign exchange market over the past week, a move that traders believe aims to stabilize expectations regarding the currency's value. Brent crude oil futures saw a modest 0.3% increase on the day, reaching $88.8 per barrel.
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