Rupee recovers from early losses on intervention
The Indian rupee rebounded against the dollar on Thursday supported by suspected central bank intervention and traders trimming bearish bets. The recovery came despite pressure from a US Federal Reserve rate hike and high oil prices.
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The India rupee reversed an early fall past 96 per dollar to trade at 95.90 during Thursday morning's session. State-run banks intervened with dollar sales, countering headwinds from a United States Federal Reserve rate hike. The currency climbed 0.1% above Wednesday's close from an intraday low of 96.0925.
