Brief by Shorts91 Newsdesk / 07:35am on 05 Oct 2023,Thursday Business
According to reportes, the Reserve Bank of India likely sold dollars to prevent the rupee from sliding near an all-time low on Wednesday amid external pressures. The RBI is estimated to have offloaded $500 million to ease the rupee's fall, as it came close to breaching the previous record low of 83.29 before closing slightly weaker at 83.24. Analysts said the RBI action calmed market nerves and limited the downside. This helped the rupee outperform regional peers despite rising US yields weighing on currencies globally. While Indian bonds held steady, benchmark stocks dropped over 0.5% each to over one-month lows due to broad-based foreign selling.
