RBI Likely Intervenes to Support Rupee
The Reserve Bank of India likely intervened to support the rupee as rising oil prices and U.S. rate hike expectations pressured the currency to a one-month low. State-run banks offered dollars while the central bank reportedly conducted sell/buy swaps.
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India's central bank stepped into the foreign exchange market during Tuesday's morning session, deploying dollar sales to shield the rupee as oil prices climbed. The intervention follows mounting pressure from external commodities and looming monetary tightening.
