# Indian central bank's currency defence has likely extended to rupee futures, traders say | Reuters

> 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.

- Date: 2023-09-08 · published 2023-09-08T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/34395-indian-central-bank-s-currency-defence-has-likely-extended-to-rupee-futures
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

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.

## Read by commodity

- USDINR: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/indian-cenbanks-currency-defence-has-likely-extended-rupee-futures-traders-2023-09-08/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.