Traders Report RBI Continues Selling Dollars to Bolster Rupee Exchange Rate

Deep News08-19 12:04

According to informed traders, the Indian central bank is actively selling US dollars in the domestic foreign exchange market to support the rupee's exchange rate. These traders requested anonymity as they are not authorized to discuss the matter publicly.

The USD/INR pair rose 0.1% to 95.7350.

A spokesperson for the Reserve Bank of India did not immediately respond to an email seeking comment.

It is worth noting that over the past few weeks, the Indian central bank has been conducting regular interventions in the foreign exchange market, and the historical volatility indicator for the dollar against the rupee has dropped to its lowest level since January.

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