RBI defends rupee against oil and Fed pressures
The Reserve Bank of India intervened to support the rupee on Monday as rising oil prices and U.S. rate hike expectations pressured the currency. Central bank action in spot and swap markets helped stabilize rates despite external headwinds.
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The Reserve Bank of India intervened in foreign exchange markets on Monday morning, selling dollars to defend the rupee against surging oil prices and rising U.S. Treasury yields. The currency traded down less than 0.1% at 95.44 against the dollar.
