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The rupee’s rebound from near a record low, after the Reserve Bank of India mounted its most aggressive defense of the currency since 2013, has bought the currency some time but at a steep cost.
At the interbank foreign exchange market, the rupee opened at 95.53 against the U.S. dollar; in intraday trade, the rupee touched a high of 94.96 and a low of 95.53 against the greenback
Nirmala Sitharaman addresses the concerns that India's currency could experience volatility, and reiterates that the country's macroeconomic fundamentals are sound. (Source: Bloomberg)
India’s rupee extended its gains on Tuesday as the central bank announced more measures to support the currency which faces constant pressure from high oil prices and foreign outflows.
India’s boldest effort in more than a decade to support the rupee may offer only temporary relief, with persistent currency weakness complicating the central bank’s task as inflation approaches the top of its tolerance band.
The rupee is likely to advance on Monday, but sustaining the gains will be harder.
The Reserve Bank of India is broadening its defenses to steady the rupee, taking some of its strongest measures since the 2013 taper tantrum. That may give the currency a boost as trading resumes Monday, but the question remains: how far is the central bank willing to go as external pressures mount?
A weak monsoon is raising food-price risks, while the falling rupee is making imports more expensive.
India’s rupee retreated even after the central bank hiked interest rates for the first time in four years, as the lack of more aggressive steps to tighten liquidity and support the currency left traders disappointed.