Rupee Rises on RBI Intervention and NDF Maturities
The Indian rupee rose 0.3% to 95.4150 per dollar on Friday as Reserve Bank of India intervention countered high dollar demand from maturing non-deliverable forward positions. State-run banks sold dollars to support the currency while global oil prices fell amid reports of a potential U.S.-Iran shipping deal.
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The India rupee rose 0.3% to 95.4150 per dollar on Friday, May 29, following intervention by the Reserve Bank of India. State-run banks sold dollars to reverse a morning slide that had pushed the currency past 95.80. The move signals the RBI's intent to prevent depreciation even as the rupee remains above record lows.
