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The rupee recovered 0.3% on October 20 to close at 82.76 after hitting a fresh intraday low of 83.29 per dollar. Dealers said the Reserve Bank of India likely sold more than $1 billion in the spot market to support the currency.
The central bank stepped up interventions later in the session.
Central bank intervention limits near-term rupee depreciation, which moderates the rise in India's dollar import costs for feed and energy. Traders will watch whether the RBI keeps defending the currency.
business-standard.comBhaskar DuttaOct 20, 2022Not 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.
