RBI likely intervenes to shield rupee from oil strain, traders say
The rupee was on track for a quiet open and was hovering at 95.70 on the interbank order matching system before the local spot market opened at 9 a.m. IST
The Reserve Bank of India (RBI) may intervene in the foreign exchange market on Wednesday to protect the rupee from foreign exchange pressure due to persistently high oil prices, traders have suggested. As the rupee opened quietly at 95.70 on the interbank order matching system, state-run banks were observed offering dollars, likely on behalf of the RBI, according to traders. The potential intervention comes amid uncertainty over the US-Iran conflict.
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