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Indian rupee edges up as RBI likely sells dollars near open
The USD/INR rate was around 96.72, close to Wednesday’s 96.85 high and near the 97.00 all-time peak, according to the report.
The Indian rupee traded mildly higher versus the US dollar on Thursday, with attention focused on possible intervention by the Reserve Bank of India, FXStreet said, citing Reuters.
According to Reuters, four traders said the RBI likely sold US dollars near the market open to support the rupee.
Markets had been bracing for intervention after the Indian currency fell sharply against the dollar on Wednesday following the RBI’s monetary policy announcement, leaving USD/INR close to its all-time high around 97.00.
FXStreet also pointed to signs of a recovery in oil prices, noting Reuters reported that oil rebounded after a tanker north of Qatar was struck by multiple projectiles, according to UK Maritime Trade Operations.