RBI intervenes in forex market to support weakening rupee
The Reserve Bank of India intervened in the foreign exchange market to stabilize the rupee amid mounting pressure from a stronger dollar and volatile oil prices. Traders reported that state-run banks were spotted offering dollars, indicating RBI action behind the scenes.
The dollar index climbed to its highest level in over a year, weighing on the rupee. Following the intervention, the rupee showed modest recovery, closing at 96 to the dollar.
