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The Reserve Bank of India sold a net $9.28 billion in the spot forex market in October to defend the rupee, according to its bulletin. The rupee depreciated 0.3% against the dollar that month and later hit an all-time low of 85.2075.
Heavy central bank dollar sales show the cost of defending the rupee, and a limit to that defence would push the rupee weaker and raise India's dollar-priced import costs.
reuters.comDec 24, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
