💨 Abstract

On May 9, the Indian rupee initially weakened due to geopolitical tensions between India and Pakistan but recovered to close higher by 22 paise at 85.36 against the US dollar. The Reserve Bank of India (RBI) intervened to prevent significant depreciation. The rupee's weakness was exacerbated by rising crude oil prices and a drop in domestic markets, but it rallied later as the RBI sold dollars and the US dollar index corrected.

Courtesy: theprint.in