RBI sells dollars to anchor rupee above 95.45
· Business · Economic Times, LiveMint, NDTV
The Reserve Bank of India stepped in on Monday, selling dollars through state‑run banks to support the rupee against pressure from rising oil prices. The intervention kept the rupee within a narrow 30‑paisa range and closed the day at 95.43 versus the dollar, just below its two‑week low. State banks offered dollars at multiple price levels, a strategy that appeared aimed at anchoring the currency above key thresholds. Despite volatile crude prices driven by Middle‑East tensions, the rupee showed muted action thanks to the central‑bank intervention.
Why it matters
The RBI’s dollar sales help keep import costs stable and support India’s foreign‑exchange reserves, directly affecting inflation and trade balances for businesses and consumers.
Read the original report — Economic Times
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