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Rupee holds near 96.00 as RBI interventions limit USD/INR losses

USD/INR repeatedly tested 96.00 without breaking higher, while improved domestic PMIs came alongside higher oil prices and US yields pressuring 10-year IGB to near its May peak, Societe Generale said.

Reported · Written up by our desk · Major Pairs

Societe Generale said USD/INR has repeatedly tested 96.00 but failed to break higher, with the Reserve Bank of India maintaining a visible presence in the FX market through interventions.

The bank noted RBI Deputy Governor Poonam Gupta expressed optimism that the rupee could stabilize and possibly appreciate.

FXStreet reported that domestic PMIs improved even as higher oil prices and global yields pushed the 10-year IGB yield close to its May peak, a backdrop that has pressured the currency despite the RBI support.

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