RBI quietly intervenes through state banks as rupee opens firmer
Business
The Reserve Bank of India (RBI) quietly jumped in before markets opened on Friday to help the rupee, after traders noticed some early pressure.
State-run banks sold US dollars, most likely on behalf of the RBI, which helped the rupee open stronger, moving from about 95.78 to 95.55 per US dollar.
Expiring offshore contracts could unsettle rupee
Even with this boost, traders think the rupee could still face some ups and downs thanks to expiring offshore contracts.
On the bright side, dropping global oil prices, linked to a possible U.S.-Iran cease-fire extension, might give the currency some breathing room ahead.