RBI likely intervened Monday to steady rupee amid dollar strength
Business
The Reserve Bank of India (RBI) likely intervened on Monday to help out the rupee, which was feeling the heat from a stronger US dollar and unpredictable oil prices.
With state-run banks selling US dollars, it was pretty clear the RBI wanted to keep things calm and prevent any wild swings for the currency.
Dollar index 102.5, rupee closes 96.24
The US dollar just hit its highest level in more than a year (the dollar index reached 102.5), making things tougher for the rupee.
Traders say both this surge and shaky oil prices are putting extra pressure on India's currency.
Thanks to the RBI's likely intervention, though, the rupee managed a small comeback, closing at 96.24 to the US dollar instead of slipping further.