RBI FX Intervention Struggles to Support Rupee
The Reserve Bank of India is selling an estimated $1 billion daily to defend the rupee as it nears the 97 per dollar mark. High oil prices and rising U.S. Treasury yields continue to pressure the currency, which has fallen nearly 8% this year amid regional conflict and shifting Fed expectations.
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The Reserve Bank of India is selling an estimated $1 billion daily to slow the rupee's decline toward 97 per dollar. The currency has fallen nearly 8% this year, making it Asia's worst-performing currency. Persistent depreciation pressures trade balances as India imports 90% of its crude oil requirements.
