RBI likely steps in before market open to support rupee, traders say
Rupee rises to 95.88 per dollar on the interbank order-matching system, paring its decline from 95.97 in early deals
India’s central bank may have intervened in the foreign exchange market before the local spot market opened on Friday, according to four traders speaking with Reuters. Their intervention helped the rupee stay above the critical psychological 96-per-dollar level. The rupee climbed to 95.88 per dollar on the interbank order-matching system, mitigating its earlier decline from 95.97 in the early trading session.
Traders suggested that the central bank likely stepped in to bolster the rupee's strength at a time when trading liquidity was low, thereby amplifying the impact of the intervention.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
