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Indian central bank likely intervenes to limit rupee's fall, traders say
State-run banks were seen selling dollars as the rupee fell past 96 per dollar, traders said, amid pressure from oil prices and U.S. rate-hike bets.
- On Thursday, the Reserve Bank of India likely intervened in the foreign exchange market as the rupee fell past the 96 per dollar mark for the first time in over a month following a U.S. Federal Reserve rate hike.
- Rising oil prices and a U.S. Federal Reserve rate hike pressured the South Asian unit, with Brent crude oil prices last up 1.2% at $106.9 per barrel.
- State-Run banks were spotted offering dollars, likely on behalf of the Reserve Bank of India, as the rupee traded at 96.08 per dollar, down 0.1% from the previous session.
- Earlier this week on Tuesday, September 15, market participants reported that the central bank likely intervened as investors wagered on the U.S. rate increase.
- Persistent central bank intervention has supported the rupee against multiple headwinds including elevated global bond yields, after the currency previously declined 0.2% to 95.79, hovering near month-long lows.
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Indian central bank likely intervenes to limit rupee's fall, traders say
The Reserve Bank of India likely intervened in the foreign exchange market on Thursday, four traders told Reuters, as the currency fell past the 96 per dollar mark for the first time in over a month after the U.S. Federal Reserve hiked rates.
·London, United Kingdom
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Rupee falls 0.4% to 95.96 against dollar, sharpest single-day drop in two months
The Indian rupee experienced its sharpest single-day fall in two months. Rising oil prices and higher US interest rate expectations pressured the currency. Attacks on Saudi Arabian energy infrastructure boosted crude oil prices significantly. The Reserve Bank of India's dollar sales helped limit the rupee's losses. Bond yields rose as inflation and rate-hike bets grew.
·India
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Coverage Details
Total News Sources4
Leaning Left1Leaning Right2Center1Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 25%
C 25%
R 50%
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