RBI likely intervenes to support rupee near 96/USD mark, traders say
‘State-run banks were spotted offering dollars, most likely on behalf of the RBI. Offers were concentrated around the 96 per dollar mark’
The Reserve Bank of India may have stepped in to support the rupee near the 96 per USD mark, according to four traders speaking to Reuters. This intervention suggests the central bank's ongoing commitment to maintaining the currency's stability amidst a volatile global economic climate. The rupee currently trades at 95.97 per dollar, showing minimal movement for the day.
State-run banks were reportedly offering dollars, most likely on behalf of the RBI, as confirmed by the traders. These offers were mostly centered around the 96 per dollar threshold, with one trader further emphasizing this point. The RBI has been actively managing the rupee's value through regular interventions, utilizing its enhanced foreign exchange reserves to counter external pressures that could otherwise lead to undue strain on the currency.
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