Indian central bank extends intervention streak to support Indian rupee, traders say
- RBI stepped in to bolster the Indian rupee, which is under pressure from rising oil prices and escalating global tensions
MUMBAI: The Reserve Bank of India likely intervened in the foreign exchange market on Tuesday, two bankers and a trader at an FX broker told Reuters, as a renewed rise in oil prices put pressure on the rupee.
The Indian currency was at 94.68 per dollar, down 0.2% on the day.
State-run banks were seen offering dollars around the 94.70 level, most likely on behalf of the RBI, one of the bankers said. The central bank has intervened persistently over the last two weeks to support the South Asian currency.
Indian central bank unloaded at least $8 billion last week to anchor rupee, bankers say
Brent crude oil futures rose 0.6% to $97.5 per barrel as risks of a prolonged conflict in the Middle East grew after Iran threatened to retaliate against any new U.S. attacks on its assets, heightening worries over supply disruption.
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