Indian rupee barely moves at 96.2925 as RBI likely intervened
The Indian rupee barely budged on Monday, closing at 96.2925 against the US dollar, just a tiny dip from the previous session's close of 96.3150.
The Reserve Bank of India likely stepped in to keep things calm, even as a strong US dollar and rising oil prices tried to shake things up.
Global jitters, like worries about France's finances, kept the dollar strong and added some pressure.
Crude near $103 pressures India
Crude oil jumping near $103 per barrel is making life tougher for India, an energy import-dependent economy.
Finance Minister Nirmala Sitharaman mentioned that trade talks with the US have reached a plateau and further concessions might be difficult, adding another layer of uncertainty.
With all this going on, everyone's watching the upcoming RBI policy meeting: it's expected they'll raise rates a bit to help manage inflation and keep things stable.