The rupee touched an all-time low of 83.42 from 83.3850 against the US dollar. RBI is taking measures to protect the rupee and stabilize the economic challenges in the forex market. Traders are keeping a close eye on the Central Bank’s next move
Monday, November 11– In a bid to stem the decline of the Indian rupee, the Reserve Bank of India (RBI) is believed to have actively sold U.S. dollars on Monday, according to information from four reliable traders speaking to Reuters. The rupee commenced trading at 83.3850 against the U.S. dollar, maintaining the same level as the previous trading session, where it had experienced a loss. Notably, the currency had touched a historic low of 83.42 on November 11, intensifying concerns about its stability.
While several Asian currencies faced a dip in value on Monday, market analysts express optimism that the rupee’s losses will be contained. Traders are closely monitoring the RBI’s interventions, expecting the central bank to persist in its efforts to shield the rupee from further depreciation.
A foreign exchange trader from a private bank commented on the situation, suggesting that the RBI is likely to “keep protecting” the rupee around these levels. This move indicates the central bank’s commitment to maintaining stability in the foreign exchange market and mitigating the impact of external economic factors on the domestic currency. The RBI’s ongoing efforts reflect emerging market currencies’ challenges and underscore the delicate balance required to navigate global economic uncertainties.
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