RBI Intervenes as Rupee Nears Record Low on Oil Costs
The rupee fell to 94.80 per dollar today as high oil prices pressured Asian markets. RBI intervention helped limit losses while investors await the Fed decision.
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The Reserve Bank of India (RBI) sold dollars Wednesday to support the rupee after it declined to a low of 94.80 per dollar in early trade, before paring losses to 94.73, down 0.2% on the day. The currency approaches its all-time low of 95.21 per dollar set in late-March as Brent Crude Oil holds above $110. Central bank intervention provides a floor for India as energy costs pressure oil-sensitive Asian markets.
