RBI intervenes to shield rupee from hedging pressure
The Indian central bank likely intervened in the foreign exchange market to shield the rupee from pressure caused by elevated corporate hedging and maturing derivative contracts. The currency traded higher against the dollar despite needing central bank support.
India's central bank intervened in the foreign exchange market on Thursday morning, shielding the rupee from elevated corporate hedging pressures. Five currency traders said the intervention helped the local currency trade up 0.1% to 95.6350 per dollar.
