Stories
Rupee Holds Steady at 95.95 Against US Dollar Amid RBI Intervention Hopes
- •The rupee settled flat at 95.95 against the US dollar, up 2 paise, driven by potential RBI intervention and a drop in oil prices.
- •Gains in the rupee were limited by US dollar demand from local importers and a stronger greenback.
- •The Reserve Bank of India (RBI) is expected to intervene as the rupee approaches the psychologically important 96 per dollar level.
- •The rupee opened at 96.03, touched an intraday low of 96.15, and closed at 95.95 against the American currency.
- •Analysts anticipate the rupee to trade with a negative bias due to global market risk aversion and high crude oil prices, but hopes of US-Iran talks could offer support.
Key Questions Answered
The rupee settled flat at 95.95 against the US dollar, supported by potential RBI intervention and a pull-back in oil prices due to hopes of US-Iran negotiations. However, its gains were limited by local importer demand for US dollars and a stronger greenback.
During the trading session, the Sensex dropped 242.65 points to settle at 72,529.07, while the Nifty declined by 64.05 points to 22,716.20. Additionally, Foreign Institutional Investors (FIIs) net offloaded equities worth Rs 5,353.22 crore on Monday.
Government data released on Monday showed that India’s industrial output increased by 8 percent in August, improving from 7.4 percent in the preceding month. This growth was driven primarily by a strong performance in the manufacturing sector.
