RBI Intervenes as Indian Rupee Nears Record Low
The Reserve Bank of India has stepped in onshore and offshore to support the rupee as USD/INR trades near its all-time low, according to BNY's Geoff Yu.
The Indian Rupee is approaching a record low against the US dollar, prompting intervention by the Reserve Bank of India (RBI). According to BNY's Geoff Yu, the RBI has engaged in both onshore and offshore operations to bolster the rupee as USD/INR tests levels close to its historical trough.
The central bank's actions aim to prevent further depreciation, with market participants closely watching for additional measures. The rupee has been under pressure due to global dollar strength and domestic economic factors.
Yu's comments highlight the RBI's readiness to act in both domestic and offshore markets, signaling a commitment to manage volatility and support the currency around key psychological levels.
Source: FXStreet Forex News