Market Participants Suggest RBI May Have Acted to Defense Rupee

Deep News08-14 12:50

Traders report that the Reserve Bank of India likely stepped into the foreign exchange market on Friday. The move is seen as a response to elevated oil prices and low risk appetite, driven by the uncertainty stemming from the ongoing Middle East conflict.

As a result of this intervention, the rupee remained stable, trading at 95.40 against the US dollar. The currency successfully defended the crucial psychological support level of 95.50, a pattern seen throughout most of the week. The central bank's actions have effectively curbed the rupee's depreciation.

For the week so far, the rupee has traded within a narrow band of 95.17 to 95.4450 against the dollar.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment