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Indian rupee under pressure but avoids record low on possible RBI support

Money Control · 7m

The Indian rupee faced downward pressure due to concerns over a potential conflict in the Middle East, but it managed to avoid reaching a record low. The country's central bank is believed to have intervened to limit losses, selling dollars to stabilize the rupee. The rupee currently stands at 83.4350 against the US dollar, slightly higher than the previous session. Despite vulnerability, the anticipation of further intervention by the Reserve Bank of India is helping to prevent significant losses in the rupee. Asian currencies overall struggled, risk appetite declined, and the dollar index remained strong following Iran's attack on Israel. The rupee is also keeping an eye on oil prices, which have remained stable thus far after the attack. Additionally, Asian currencies will be influenced by US Treasury yields, which have risen recently due to evolving Federal Reserve policy expectations.