The rupee settled marginally lower by 1 paisa at 85.59 (provisional) against the US dollar on Wednesday, as rising crude oil prices and persistent demand for the greenback from importers and foreign banks weighed on the domestic currency.Trading in a tight range, the local unit opened at 85.65 at the interbank foreign exchange and oscillated…
MUMBAI: The benefits of intervening in the foreign exchange market for emerging market economies like India far outweigh the costs, according to an article published in RBI’s Jan bulletin.The authors highlight that RBI’s interventions, both in the spot and forward markets, have effectively countered the volatility of capital flows. The report finds evidence of “symmetric…
MUMBAI: The rupee closed at a record low of 85.77 against the dollar on Friday, marking its ninth consecutive week of losses. The decline is attributed to the drop in the Chinese yuan, which weakened past the 7.3 mark, as well as the dollar’s rise.The rupee hit its lowest intraday level at 85.80, before settling…
The rupee recovered from its all-time low level and settled for the day with gains of just 3 paise at 84.72 (provisional) against the US dollar in a range-bound trade on Thursday, amid a positive trend in domestic equities. Forex traders said the Indian rupee recovered slightly on strength in the domestic markets and overnight…