Rupee Soars on RBI Intervention
The Indian rupee has been on a four-day winning streak, reaching a near three-week high against the US dollar. The USD/INR pair is at 95.5460, up 0.04% from the previous session. This comes after the Reserve Bank of India (RBI) reportedly sold US dollars in the foreign exchange market to prevent further weakening.
The RBI's intervention has provided stability to the rupee amid global uncertainty. The currency had hit record lows earlier this month due to rising crude prices and fresh US tariffs. However, the RBI's efforts have helped improve sentiment and push the rupee higher.
Despite some market volatility, the rupee is expected to trade between 95.20 and 95.75 today. Exporters are advised to sell upticks at around 95.65-75, while importers can buy dips towards 95.20.