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Rupee edges higher as traders expect RBI FX intervention

USD/INR slipped toward 95.67 after earlier hitting 95.85, with traders citing an eighth straight day of RBI-style dollar selling amid firmer oil prices.

Reported · Written up by our desk · Major Pairs

The Indian rupee strengthened slightly against the US dollar on Tuesday, with USD/INR easing to around 95.67 after topping 95.85 earlier in the session, according to FXStreet.

FXStreet cited a Reuters report saying the Reserve Bank of India likely intervened in the foreign exchange market for an eighth consecutive session, after traders observed state-run banks offering dollars, most likely on the RBI’s behalf.

The move came as elevated oil prices pressured the rupee, with an MCX Crude Oil contract expiring August 19 rising about 1.1% to near Rs. 8,150, the highest level in two weeks, FXStreet said.

FXStreet also noted market focus on the release of the FOMC minutes from the July meeting later this week for cues on US rates, while CME FedWatch indicated traders scaled back expectations for a September hike; technicals showed USD/INR holding above the 100-day simple moving average near 95.00.

Latest closeWTI crude $82.40 ▲1.4%

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