The rupee concluded trading at 95.22 after previously settling at 95.11, moving within a tight band of 95.00 to 95.25 throughout the day. Rising crude costs coupled with trader caution regarding the U.S. Federal Reserve's next move drove the downward trajectory. The Reserve Bank of India stepped in to cap deeper losses past the 95.25 level and maintained an active presence in the non-deliverable forwards market ahead of the local session.
Key points
Anticipation surrounding an upcoming U.S. Federal Reserve decision combined with rising o…: Anticipation surrounding an upcoming U.S. Federal Reserve decision combined with rising oil prices weakened the domestic currency.
The central bank maintained a presence in the non-deliverable forwards market prior to do…: The central bank maintained a presence in the non-deliverable forwards market prior to domestic trading.
Regulatory intervention helped contain the currency's depreciation within a defined tradi…: Regulatory intervention helped contain the currency's depreciation within a defined trading boundary for the session.
Sources checked by our analysis pipeline: 1
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The rupee had previously closed at 95.11. It traded between 95.25 and 95.00, with the RBI likely capping depreciation past the 95.25 levels. The RBI was also present in the non deliverable forwards market before the domestic marks opened.
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