Rupee Rises on RBI Intervention and NDF Maturities

The Indian rupee rose 0.3% to 95.4150 per dollar on Friday as Reserve Bank of India intervention countered high dollar demand from maturing non-deliverable forward positions. State-run banks sold dollars to support the currency while global oil prices fell amid reports of a potential U.S.-Iran shipping deal.

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The India rupee rose 0.3% to 95.4150 per dollar on Friday, May 29, following intervention by the Reserve Bank of India. State-run banks sold dollars to reverse a morning slide that had pushed the currency past 95.80. The move signals the RBI's intent to prevent depreciation even as the rupee remains above record lows.

RBI Offsets NDF Maturity Pressure

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