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Traders: RBI may sell dollars at spot market open to boost rupee
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A trader cited by financial news outlet Jin10 forecasts that the Reserve Bank of India (RBI) may sell US dollars in the spot foreign exchange market at the opening of trading. The anticipated intervention is aimed at supporting the Indian rupee, which has faced depreciation pressure. The report, attributed to an unnamed trader, highlights a common tool used by the RBI to manage currency volatility and prevent excessive weakness in the rupee. The forecast is conditional on market conditions at the open and represents the trader's expectation rather than a confirmed central bank policy announcement.
Source report
According to traders, the Reserve Bank of India (RBI) may have sold U.S. dollars in the spot market at the opening of trading in an effort to bolster the Indian rupee.
Source
金十数据Neutral / independent
Part of this Story
RBI likely intervenes daily to defend rupee as it holds above 96 per dollar