Rupee finds support from bank dollar offers near lows
The Indian rupee recovered from an initial slide to 96.3325 against the dollar on Tuesday as state-run and foreign banks provided liquidity. The currency remains under pressure from a wide trade deficit and high crude oil prices following the regional conflict that began in February.
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India's rupee rose to 96.3325 per United States dollar on Tuesday morning following suspected central bank intervention. The currency recovered from an initial slide to 96.3850, narrowly avoiding a new record low of 96.3875 hit in the previous session. Persistent capital outflows and a widening trade deficit continue to test the Reserve Bank of India's ability to stabilize the currency.
