Indian rupee at 95.11 after likely RBI US dollar sales
Business
The Indian rupee closed a bit stronger at 95.11 against the US dollar on Tuesday, thanks to the Reserve Bank of India (RBI) likely stepping in and selling dollars to calm things down.
With oil companies needing more dollars and foreign investors pulling money out, the RBI's move helped stop the rupee from sliding further.
Rupee traded 95.08-95.25 before rebound
Lately, the rupee has had a bumpy ride, trading between 95.08 and 95.25 before bouncing back.
Traders say the RBI's timely intervention, especially with global oil prices high and lots of money flowing out, was key in keeping the rupee from crossing 95.25.
It's a sign that even when times are tough, the central bank is serious about keeping the currency stable.