By 10:50 a.m. the currency rose 0.5% to 92.7250 per dollar, its strongest level since April 10. Traders said the move followed a Reuters report that the central bank had urged state-run refiners to use a special credit line for their foreign exchange needs instead of buying dollars in the spot market.The measure is seen as part of a broader strategy to stabilize the rupee, which is under pressure due to rising global energy prices and weak capital inflows. The RBI has deployed a combination of regulatory tools, including a new facility for refiners as well as curbs on banks’ net open foreign exchange positions and non-deliverable forwards (NDFs).“These moves send a clear message: the RBI is actively protecting the rupee in a challenging environment,” Amit Pabari of CR Forex said, quoted by Reuters.With the help of these interventions, the rupee has recovered about 2.5% from its record low at the end of March.Meanwhile, global cues remain important. Markets are closely monitoring developments surrounding the Iran conflict, with a 10-day ceasefire between Lebanon and Israel taking effect and US President Donald Trump hinting at possible talks with Iran over the weekend.Rupee hits one-week high as RBI moves to arrest fall & more related News Here
By 10:50 a.m. the currency rose 0.5% to 92.7250 per dollar, its strongest level since April 10. Traders said the move followed a Reuters report that the central bank had urged state-run refiners to use a special credit line for their foreign exchange needs instead of buying dollars in the spot market.The measure is seen as part of a broader strategy to stabilize the rupee, which is under pressure due to rising global energy prices and weak capital inflows. The RBI has deployed a combination of regulatory tools, including a new facility for refiners as well as curbs on banks’ net open foreign exchange positions and non-deliverable forwards (NDFs).“These moves send a clear message: the RBI is actively protecting the rupee in a challenging environment,” Amit Pabari of CR Forex said, quoted by Reuters.With the help of these interventions, the rupee has recovered about 2.5% from its record low at the end of March.Meanwhile, global cues remain important. Markets are closely monitoring developments surrounding the Iran conflict, with a 10-day ceasefire between Lebanon and Israel taking effect and US President Donald Trump hinting at possible talks with Iran over the weekend.
