USD/INR continues to appreciate, trading around 83.60 during the early European session on Friday.
USD/INR could test an all-time high of 83.7190 level. The India n Rupee could limit its downside as traders expect potential for intervention by the RBI. The US Dollar continues to gain ground due to increased risk aversion. The India n Rupee has avoided testing an all-time low at 83.7190 against the US Dollar , likely due to anticipated intervention by the Reserve Bank of India , according to market participants.
Direct intervention by the Reserve Bank of India in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee. How do the decisions of the Reserve Bank of India impact the Indian Rupee? The Reserve Bank of India actively intervenes in forex markets to maintain a stable exchange rate, to help facilitate trade.
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