Rupee Trades in Narrow Range Against US Dollar in Early Trade

Rupee trades in narrow range against US dollar in early trade

Forex traders said periodic dollar interventions by the Reserve Bank of India (RBI) helped smooth excessive intraday volatility and capped sharper losses for the rupee

RBI likely intervenes to support rupee, traders say

The Reserve Bank of India intervened in the foreign exchange market to support the rupee. This action was taken as the currency faced pressure from a stronger dollar and fluctuating oil prices. Traders reported that state-run banks were observed offering dollars, likely on behalf of the RBI. The dollar index increased to its highest level in more than one year. The rupee slightly strengthened, closing at 96.