Traders Reveal Central Bank Sold US Dollars in Foreign Exchange Markets to Support the Rupee

Deep News07-27 17:00

Several traders, who requested anonymity, have disclosed that the Indian central bank sold US dollars in both onshore and offshore foreign exchange markets to stabilize the rupee's exchange rate. The dollar-rupee pair fell 0.7% to 95.9225.

Traders noted that the scale of this dollar selling was larger than recent operations, with the selling activity starting near the 96.15 exchange rate level. A spokesperson for the Reserve Bank of India has not yet responded to an email seeking comment.

Against a backdrop of easing geopolitical tensions in the Middle East and falling international crude oil prices, the rupee had already strengthened slightly. It was under these conditions that the central bank intervened by selling US dollars.

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