RBI Sells $7 Billion to Defend the Indian Rupee Amid Oil Swings
businessmacroeconomicsworldindia 3 posts · 2 accounts
The Reserve Bank of India sold $7 billion in foreign exchange on Friday, executing one of its largest direct currency interventions in recent months to support the rupee.
The intervention neutralized volatility from broader oil price swings and repositioning by traders digesting the Federal Reserve’s latest policy decision, leaving the currency to finish the session nearly flat.
From the sources (3 posts)
@reutersIndian rupee steady, forward premiums ease as traders parse Fed outcome
@reutersIndian rupee ends nearly flat, wedged between oil swings, RBI intervention
@businessIndia’s central bank sold about $7 billion to defend the rupee on Friday, in what was one of its largest direct interventions in months