Rupee Falls Short of Key Threshold Amid RBI Intervention

The Indian rupee traded in a narrow range against the US dollar on Thursday, falling by 3 paise to 95.97 at the interbank foreign exchange market.

The rupee's decline was limited due to ongoing dollar sales across spot and forward markets by the Reserve Bank of India (RBI), which continued to cap losses and keep the exchange rate below the 96.00 threshold.

Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, noted that aggressive foreign exchange intervention by the RBI has been the primary market defender, preventing spot rates from breaking past the key 96.00 boundary.