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Indian rupee ends flat after sliding to a fresh two-month low
USD/INR finished near 95.98 after retreating from 96.13, with state-run banks’ likely dollar sales helping limit the rupee’s decline.
The Indian rupee pared early losses and closed flat against the US dollar on Tuesday, after dipping to a fresh two-month low. FXStreet said the USD/INR pair ended around 95.98, after pulling back from the day’s high of 96.13.
The move reflects the rupee giving back early gains and losses amid what traders described as likely US dollar sales by state-run banks acting on behalf of India’s central bank, the Reserve Bank of India. FXStreet cited Reuters for this explanation.
Earlier, FXStreet said the rupee traded weaker as concerns persisted about energy supply disruption, with firm oil prices weighing on currencies of countries that rely heavily on oil imports.
FXStreet added that oil strength was linked to shifting expectations around Iran, including a report that the US agreed to roll back sanctions and release frozen Iranian funds, which US President Donald Trump denied in a post.