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The Reserve Bank of India has been intervening in non-deliverable forwards and the onshore OTC market to keep the rupee above its record low of 83.29 per dollar. Open interest on September USD/INR futures on the National Stock Exchange rose by more than $1 billion over three sessions, suggesting intervention has extended to exchange-traded derivatives.
Active RBI defence of the rupee limits depreciation and caps the local-currency cost of imported feed inputs. The intervention is a currency-market development without a direct agricultural supply effect.
reuters.comNimesh VoraSep 8, 2023Not 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.
