RBI Intervenes To Steady Rupee After It Breached 80 Per Dollar
NDTV
India's central bank intervened to help the rupee steady slightly after it weakened to 80.05 per dollar, notching a record low for a seventh session.
India's central bank intervened in the currency market on Tuesday to help the rupee steady slightly after the unit weakened to 80.05 per dollar, notching a record low for a seventh successive session.
A recovery in Indian shares also favored the rupee.
Like most Asian currencies, the rupee has been falling in recent months as risk aversion has risen on expectations of the US Federal Reserve raising rates aggressively to curb high inflation and prompting investors to flee riskier assets.
The U.S. dollar too hovered just above a one-week low reached overnight versus major peers as markets reduced the odds of a percentage-point Federal Reserve rate hike this month.
