INSUBCONTINENT EXCLUSIVE:
The rupee rose 26 points to close at 71.76 against the dollar on Friday
The rise in the rupee's value against the greenback came after seven days of depreciation
Suspected intervention by the Reserve Bank of India along with losses in the dollar overseas stopped the rupee from falling below the 72
Despite Friday's mild gain, the rupee finished the week 73 paise lower against the American currency
The rupee is still more than 12 per cent down against the dollar so far this year, making it the worst performing Asian currency.1
The RBI intervenes anonymously in the forex market through banks, and publishes its forex reserves numbers with a time lag of a week
Typically traders can only estimate the intervention number from the weekly data.2
"Once the global situation improves, the rupee will also stabilise
A combination of forex reserves and interest rate hike are sufficient at present to deal with the rupee depreciation," said Rushabh Maru,
tariff wars, and crises in Argentina and Turkey have raised worries of a cascading impact across financial assets.3
The central bank has likely been selling dollars through both private and state-run banks on the anonymous forex trading platform throughout
The country's foreign exchange reserves stood at $400.101 billion, declining by $1.191 billion in the week to August 31, data from the
Reserve Bank of India (RBI) showed.6
Crude oil prices edged higher to trade at $76 a barrel levels in anticipation of tightening of supply
Analysts say that crude imports are fuelling worries on the current account deficit front amid mild intervention from the central bank
per litre across Delhi, Kolkata, Mumbai and Chennai, marking the steepest increase in more than 14 months.10
