Indian Central Bank Likely Intervening as Rupee Hits Historic Low Against Dollar
Monday, 5 August 2024, 04:45
Indian Central Bank's Intervention
The Reserve Bank of India was likely selling dollars after the rupee dipped to a lifetime low on Monday amid severe risk aversion, according to four traders. The rupee was recorded at 83.7850 to the U.S. dollar at 9:12 a.m. IST, having previously fallen to an all-time low of 83.80.
Impact on the Market
- Central bank intervention aims to stabilize the rupee.
- Traders express concerns over the currency's performance.
- The intervention serves as a precautionary measure amidst global market volatility.
This situation highlights the ongoing pressures in the market as the Reserve Bank actively works to protect the currency's value.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.