RBI Intervenes to Defend Rupee Amid Oil Surge
The Reserve Bank of India stepped into the foreign exchange market on Tuesday to support the rupee. State-run banks sold dollars as rising oil prices pressured the currency. The central bank has maintained persistent intervention over the past two weeks.
Xurve View
Insights:
Xurve View
India's central bank intervened in the foreign exchange market on Tuesday morning, pushing state-run lenders to offer dollars as the rupee fell 0.2% to 94.68 per dollar. The persistent defense comes as climbing oil import costs test the domestic currency. State-run institutions stepped in near the 94.70 threshold on behalf of the Reserve Bank of India, two bankers and an FX broker said.
