Rupee Recovers from Record Low After RBI Intervention
The rupee rose 0.6% to 91.62 on Thursday following RBI intervention. Traders warn the recovery may be brief due to high oil prices and geopolitical risks.
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The currency of India experienced a significant rebound on Thursday, driven by aggressive intervention from the central bank and a temporary stabilization in global market sentiment. The US Dollar / Indian Rupee pair was trading at 91.62, marking a 0.6% recovery from the previous session's record low of 92.3025. Market participants attributed the move to substantial dollar sales by state-run banks, acting on behalf of the Reserve Bank of India to provide support to the local unit.
