RBI intervention bolsters rupee, traders say
RBI chief Sanjay Malhotra has said further steps may be taken to ensure orderly movement in the rupee
Reserve Bank of India may have stepped in to support the Indian rupee on Wednesday, according to four traders speaking to Reuters. The traders believed the intervention aimed to stabilize the currency after a recent recovery from near-record low levels. The rupee climbed to 94.95 per dollar, indicating a 0.3% increase from its last price and a 2% rise over the past week.
The Reserve Bank of India has introduced various measures to tackle the imbalance in the demand and supply of dollars, which had been putting pressure on the rupee. Central bank chief Sanjay Malhotra stated on Tuesday that additional measures might be implemented to ensure a smooth flow in the currency market. State-run banks were observed offering dollars in the early trading session on Wednesday, likely acting on behalf of the RBI, as per traders' observations.
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