The Indian rupee saw a slight recovery on Wednesday, closing at 94.66 against the dollar after touching an intraday low. State-run banks intervened, likely for the RBI, to curb further depreciation. This weakness stemmed from a strengthening dollar index, fueled by expectations of a US Federal Reserve interest rate hike later this year, pushing the DXY to a 13-month high.
The Indian rupee showed a slight recovery on Wednesday, closing at 94.66 against the dollar after hitting an intraday low. State-run banks likely intervened on behalf of the RBI to prevent further depreciation. This weakness was initially driven by a strengthening dollar index,…
Market Samachar is a news aggregator. This article was originally published by Markets-Economic Times. Tap the button above to read the full story on their site.