Indian Rupee Holds Steady Amid Central Bank Intervention
The Indian rupee remained stable in a narrow range on Monday due to persistent central bank intervention. Investors watched for US sanctions on Iran and higher oil price forecasts from Morgan Stanley.
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India's rupee traded in a tight 10 paisa band on Monday morning as persistent central bank interventions kept the currency anchored at 95.7450 per dollar. The subdued session unfolded as investors awaited details on threatened United States sanctions targeting Iran's oil exports. State-run banks intervened by offering dollars to deter bets against the domestic currency, subduing market volatility.
