Analysts Suggest India's Central Bank May Intervene to Support Rupee

Deep News
03/13

According to three traders, the Reserve Bank of India likely sold U.S. dollars on Friday, as market concerns over high oil prices potentially affecting India's growth-inflation balance continued to weigh on the rupee. The Indian rupee traded at 92.32 per U.S. dollar, down 0.1% for the day and approaching the record low of 92.3575 set in the previous session. Despite the central bank's intervention, traders expect the rupee to remain under pressure due to heightened energy price volatility and ongoing foreign investor withdrawals from Indian equity markets.

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