Indian Rupee Edges Up on Possible RBI Intervention
The Indian Rupee opened marginally higher against the US Dollar on Thursday, supported by suspected Reserve Bank of India intervention in spot and NDF markets.
USDINR
The Indian Rupee (INR) edged higher against the US Dollar (USD) in early Thursday trading, supported by possible intervention from the Reserve Bank of India (RBI).
Market participants suspect the central bank stepped into both the spot and non-deliverable forwards (NDF) markets to stem further weakness in the domestic currency.
The move comes as the rupee had been under pressure amid global dollar strength and capital outflows.
Source: FXStreet Forex News