MUMBAI: The rupee ended at 86.08 against the dollar on Wednesday, falling 48 paise from its previous close of 85.60. The local currency touched a low of 86.22 during the session, prompting RBI to intervene, according to traders.On Friday, the rupee posted its sharpest single-day fall since May 8, following Israeli strikes on Iran’s nuclear and military sites. The escalation …
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MUMBAI: The Reserve Bank of India’s (RBI) intervention in the foreign exchange market to stabilise the rupee resulted in net sales of $15.2 billion in Dec 2024, latest data released by RBI on Wednesday showed. This was a drop of $5 billion from $20.2 billion in Nov 2024 when the then President-elect Donald Trump stoked fears of a tariff war, …
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MUMBAI: The benefits of intervening in the foreign exchange market for emerging market economies like India far outweigh the costs, according to an article published in RBI’s Jan bulletin.The authors highlight that RBI’s interventions, both in the spot and forward markets, have effectively countered the volatility of capital flows. The report finds evidence of “symmetric effects of purchases and sales” …
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MUMBAI: The rupee closed at a record low of 85.77 against the dollar on Friday, marking its ninth consecutive week of losses. The decline is attributed to the drop in the Chinese yuan, which weakened past the 7.3 mark, as well as the dollar’s rise.The rupee hit its lowest intraday level at 85.80, before settling at 85.77 – down 2 …
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