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Forex

Rupee Rebounds to Strongest Level Since August 5 Amid RBI Intervention

Guavy AI Editorial Team
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USD
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The Indian rupee rebounded on Monday, closing at its strongest level since August 5 after initially dipping due to rising crude oil prices and geopolitical tensions.

The rupee pared losses and settled with a gain of 26 paise at 95.17 against the US dollar, according to provisional data.

Forex traders attributed the recovery to possible RBI intervention, as well as better-than-expected flows under the FCNR(B) scheme and Overseas Foreign Currency Borrowings (OFCB).

The Reserve Bank of India's special USD-INR forex swap facility has mobilised foreign exchange inflows of $73 billion as of August 21.

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